Overview
- Payy’s seed round, which closed in December 2025, was led by FirstMark Capital with Robot Ventures and DBA Crypto, bringing total funding to $8 million through a SAFE with token warrants.
- The company is rolling out the Payy Network, an Ethereum Layer 2 that uses zero-knowledge proofs to hide the sender, receiver, and amount, with a testnet slated for next month that a dozen design partners are already testing and a mainnet planned for the summer.
- Payy already offers a self-custodial wallet launched in January 2024 and a Visa card live since August 2025 that lets users spend USDC anywhere Visa is accepted.
- The platform reports more than 100,000 users across 120 countries processing about $130 million in annualized volume, and it generates revenue from onramping fees, gas fees, and enterprise contracts.
- CEO Sid Gandhi says public blockchains expose sensitive payment details, and rising efforts to enable private stablecoin transfers signal a competitive push to win institutional flows.