Meld secures $7 million in funding to unify stablecoin networks and create a ‘Visa for crypto’

Companies attempting to pay international employees with stablecoins face a significant hurdle: the reliance on different regional providers, such as Yellow Card in South Africa and Onmeta in India. To address this challenge, payment industry veteran Pankaj Bengani founded Meld. He is developing the Meld network to serve as a global, one-stop platform for businesses and individuals to access and convert digital assets.

On Wednesday, the startup revealed a $7 million fundraise in a round led by Lightspeed Faction. Other investors included F-Prime, Yolo Investments, and Scytale Digital, bringing Meld’s total funding to $15 million. In an interview, founder and CEO Bengani chose not to reveal the company’s valuation.

“The landscape is highly fragmented, with numerous blockchains, stablecoins, and payment methods,” Bengani stated. “This creates an ideal opportunity for a single company to simplify the process, which is our objective.”

By connecting to the Meld network, companies and individuals can purchase or settle transactions using stablecoins, Bitcoin, Ethereum, and other digital assets worldwide. Launched in 2024, the network collaborates with more than 50 providers across over 180 countries and supports over 150 fiat currencies. Use cases include remittances and global payroll. Similar to how traditional payment networks partner with banks for the final step of a transaction, Meld seeks to ally with crypto providers globally.

While fintech giants like [Unnamed Company] and Bridge offer crypto on and off-ramping services, Bengani notes their operations are concentrated in a limited number of countries, primarily in Europe and the United States. In contrast, Meld’s approach is designed to be more globally inclusive.

The startup earns revenue from transaction fees, though specific figures were not shared. Meld has stated it anticipates its revenue will grow at least fourfold compared to the previous year. The company currently employs approximately 15 people.

Before starting Meld, Bengani spent around five years at Square (now known as Block). He connected with the company’s mission of financial inclusion, achieved through supporting small businesses. He brings these same principles to Meld, believing that providing global access to crypto promotes financial inclusion.

“It’s rewarding to generate income while also feeling like you’re contributing positively to the world, as cliché as that may sound,” he remarked. “Providing financial access to people using these new systems is a powerful thing.”