PayPal Ventures ' investment was made almost entirely in PayPal USD ( PYUSD ), an Ethereum-based stablecoin that is 100 % backed by US dollars , short-term US treasuries and similar cash equivalents . This marks the first time that PYUSD has been used as the funding instrument for a PayPal Ventures investment since it was launched by PayPal in August 2023 . The PYUSD funds were transferred on chain using Mesh ' s Application Programming Interfaces ( APIs ).

The investment comes on the heels of Mesh ' s US $ 22 million Series A funding round , backed by new investors including Money Forward , Galaxy , and Samsung Next .

Mesh empowers businesses to integrate seamless and secure crypto transfers and payments directly into their existing platforms , eliminating the need for users to switch between platforms . Mesh was established in 2020 as an account aggregation platform and now has over 300 integrations with different exchanges , wallets and brokerages .

“ We ' re thrilled to have the backing of PayPal Ventures as we execute against our vision of becoming the connection layer for a critical mass of crypto platforms and financial service providers ,” said Bam Azizi , Co-founder and CEO of Mesh . “ PayPal has an incredible track record of moving the payments industry forward , so it ' s no surprise they are at the forefront of stablecoin innovation and share our vision for the future of the industry .”

Revolut ’ s new AI-scam feature uses sophisticated Machine Learning to detect if a customer is being scammed , and therefore break the ‘ spell ’ of the scammer before they send their money to the criminal . Built internally by Revolut ’ s financial crime team , the new feature can determine if there is a high likelihood that the customer is making a card payment as part of a scam , and if so , decline the payment . The customer is then protected from performing other similar payments and sent through a scam intervention flow in-app . During this phase the customer needs to provide additional information about the transaction they were attempting , with the goal of checking whether the customer is being guided by someone and is under the scammers ‘ spell ’. They are then also shown specific scam educational stories to prompt customers to think in-depth before they make the payment . Revolut can also redirect the customer into a chat with a Revolut fraud specialist who will then ask them further questions in order to determine if they are being scammed .

Since the launch of the card scam detection feature , Revolut has observed a 30 % reduction in the fraud losses resulting from card scams where money has been sent for investment opportunities .

David Eborne , Head of Fraud at Revolut , said : “ We ’ re very excited to be launching our new AI-scam feature which implements advanced technology to interrupt fraudsters taking advantage of everyday people . We ’ ve invested heavily in the product to ensure that customers can continue to spend and send their money safely ”.

10 www . intelligentfin . tech