The round, which brings the company’s total funding to $32 million, was led by Money Forward and saw active participation from renowned entities such as Galaxy, Samsung Next, Streamlined Ventures, SNR.VC, Hike VC, Heitner Group, Valon Capital, Florida Funders, Altair Capital, Network VC, and several individual angel investors.
According to Mesh co-founder and CEO Bam Azizi, the company will use the funding proceeds to further build out its tools for deposits, payments, and payouts and also support its go-to-market operations.
Founded in 2020 by CEO Bam Azizi and Adam Israel under the banner of Front Finance, the company has recently undergone a rebranding, emerging as Mesh. Over the past year, Mesh has not only redefined its identity but has also thrived as a financial platform tailored for enterprise use, bridging the gap between digital and traditional financial assets.
Before founding Mesh, Azizi previously founded the cybersecurity and identity firm NoPassword, a company that was subsequently acquired by LogMeIn in 2019. On the other hand, Israel brought a wealth of banking sector expertise, having served as a managing director at HSBC.
The due had several years crafting the foundational infrastructure of Mesh. They then unveiled Mesh, along with its suite of business-to-business offerings, in September 2022. Their overarching objective was to position Mesh as the pivotal “intermediate connection layer” for non-traditional assets, thereby reshaping the landscape of financial connectivity.
“We are witnessing a massive shift in which consumers are demanding complete and transparent control over their assets, and expecting the financial services that they use to give them that control,” Azizi said. “Embedded finance is going to be a $7 trillion market opportunity. Mesh is at the forefront of this transformation for both sides of the marketplace – well-positioned to play a pivotal role in making every digital transaction embedded, secure, and compliant. By doing that, we can enhance the overall user experience for our partners, which ultimately results in greater customer satisfaction and retention for them.”
Since its inception three years ago, Mesh has introduced an innovative approach, allowing fintech companies and financial institutions to establish connections with their users’ financial accounts for crucial functions such as ‘write’ and ‘transfer.’ This approach not only ensures a seamless experience for consumers but also empowers businesses to deliver significantly enhanced services to their clientele.
“Having spent decades in commerce, I’ve witnessed firsthand the evolution of open finance, and Mesh is several steps ahead of its current challenges,” added Sandy Kimura, Money Forward Group Executive Officer, Head of Global Strategy and Money Forward America CEO. “Mesh’s product-market fit – combined with the deep experience of their founding team and their vision for a better financial future – was clear from the moment we started exploring a deeper partnership, and we are thrilled to be a part of the company’s journey to mass adoption.”
In recent years, Mesh has rapidly gained market traction, inking partnerships with more than 70 companies across finance and digital assets, within a year of becoming a business-focused platform. With a robust library of integrations spanning over 300 platforms, Mesh is on its way to becoming the leading solution for digital assets and open finance.
Building on its momentum, Mesh’s near-term focus is enhancing the transactional aspects of its connection layer to further develop use cases like deposits, payments, and payouts.
