Crypto payment infrastructure firm MoonPay has announced the acquisition of startup Meso in a move designed to enhance its international payment capabilities. This strategic acquisition aims to combine traditional payment expertise with advanced cryptocurrency infrastructure, positioning MoonPay to better serve a growing demand for seamless payment solutions across the globe.
Meso, co-founded by Ali Aghareza and Ben Mills, will see its founders step into significant roles within MoonPay’s leadership team, with Aghareza taking on the position of Chief Technology Officer and Mills serving as Senior Vice President of Product. Both executives bring valuable experience from their time at prominent companies such as Braintree, PayPal, and Venmo, where they honed their skills in the payment processing landscape.
The integration of Meso’s capabilities supports MoonPay’s overarching strategy of developing a comprehensive payment network that effectively connects traditional banking systems, card payment networks, stablecoins, and blockchain technologies, all while adhering to robust regulatory frameworks. MoonPay CEO Ivan Soto-Wright emphasized the company’s commitment to creating a global infrastructure that facilitates the movement of money across various forms and markets.
This acquisition adds to a series of strategic moves by MoonPay, which recently acquired Solana-based payment processor Helio for $175 million in January, along with other ventures including the stablecoin infrastructure firm Iron and the on-chain payment tool Decent.xyz. Each of these acquisitions underscores MoonPay’s ambition to broaden its offerings in the crypto payment space, incorporating features like card purchases, bank transfers, and mobile payment solutions.
Despite these growth strategies, MoonPay faced challenges earlier this year and opted to reduce its workforce by 10% in June. The move was attributed to high operational costs and margins that were below expectations. Founded in 2019, MoonPay reached a $3.4 billion valuation during its Series A funding round in 2021, raising $555 million.
The payment infrastructure sector is witnessing an ongoing consolidation, with companies striving to bridge the gap between traditional finance and cryptocurrency systems. For payment processors like MoonPay, ensuring regulatory compliance is vital, especially when operating across various jurisdictions. MoonPay holds critical licenses in the United States and is compliant with the regulatory framework set forth by Europe’s Markets in Crypto-Assets.
As MoonPay integrates Meso’s technological expertise and seasoned professionals, it reinforces its mission to deliver comprehensive payment solutions that encompass both traditional and digital asset ecosystems. This evolution reflects a broader trend within the fintech industry, where companies increasingly recognize the importance of robust, forward-thinking payment solutions in a rapidly changing financial landscape.
