$52M/year Plaid for crypto payments
Jan-Erik Asplund
TL;DR: Where Plaid unified bank connectivity, Mesh is building the same abstraction layer for crypto payments, connecting merchants to 300+ wallets & exchanges while settling into a single stablecoin or fiat currency. Sacra estimates Mesh hit $52M in annualized revenue in June 2026, up from $31M at the end of 2025, valued at $2B as of July 2026. For more, check out our full report and dataset on Mesh.
Key points via Sacra AI:
- Where Plaid (2013) abstracted thousands of bank integrations behind one API, Mesh (2020) does the same for crypto, connecting merchants to 300+ wallets & exchanges so a customer can pay from Coinbase, Binance, MetaMask or elsewhere using whatever token they already hold while the merchant receives a single settled payment in its preferred stablecoin or fiat currency. A customer holding Bitcoin on Coinbase who wanted to pay a USDC-accepting merchant would typically have to sell or swap Bitcoin, withdraw it, copy the merchant’s wallet address and submit the transfer manually, while with Mesh, the merchant can easily accept Coinbase at checkout and get the payment routed to USDC behind the scenes.
- Rather than compete with Stripe or PayPal for merchant relationships, Mesh distributes B2B2C through payment processors, wallets, exchanges & platforms, powering features like PayPal and Shift4’s Pay with Crypto used by 10M+ global merchants while monetizing the transaction volume flowing through its APIs via percentage or flat usage fees. After spending five years writing integrations themselves, Mesh launched the Mesh Alliance Program (June 2026) to build a marketplace where wallets, processors & exchanges integrate with Mesh to compete for access to tens of billions in annualized payments volume, giving Mesh increasing leverage to steer demand toward partners offering the best economics, reliability & performance.
- From ~$1M in revenue in January 2024, Sacra estimates that Mesh hit $52M in annualized revenue in June 2026, up from $31M at the end of 2025, valued at $2B as of its July 2026 fundraising round (Binance) for a ~39x forward revenue multiple. Compare to Kraken at $2.2B in 2025 revenue, up 33% YoY, which acquired stablecoin card & orchestration provider Reap for $600M, last valued at $20B as of November 2025 for an ~8x multiple on ~$2.5B in annualized revenue, and Airwallex at $1.3B in annualized revenue as of April 2026, up ~80% YoY, on $266B in annualized transaction volume, last valued at $11B as of June 2026 for a ~7.3x multiple on ~$1.5B in annualized revenue.
For more, check out this other research from our platform:
- Mesh (dataset)
- Kraken (dataset)
- Arjun Sethi, co-CEO of Kraken, on building the Nasdaq of crypto
- David Ripley, COO of Kraken, on the future of cryptocurrency exchanges
- Kraken at $1.5B, up 128% YoY
- Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
- Kevin Kang, co-founder of Reap, on stablecoin-native business models in fintech
- Fernando Sandoval, co-founder of Kapital, on stablecoins for cross-border payments
- Bhanu Kohli, CEO of Layer2 Financial, on stablecoin-backed payments for platforms
- Plaid (dataset)
- Plaid at $546M ARR, growing 40% YoY
- The future of Plaid's $250M screen scraping business
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