Key Highlights
- Payy completed a $6 million seed funding round with FirstMark Capital as lead investor
- The platform leverages zero-knowledge proof technology for confidential stablecoin transfers
- Users can access a digital wallet and Visa-powered card for spending USDC anywhere
- The company currently supports over 100,000 customers in more than 120 nations
- A dedicated Layer 2 blockchain network testnet is scheduled for release in the coming weeks
Payy successfully closed a $6 million seed financing round with FirstMark Capital serving as the lead backer. Additional participation came from Robot Ventures and DBA Crypto. The investment round finalized in December via a Simple Agreement for Future Equity (SAFE) structure that includes token warrants.
The payment platform’s total capital raised now stands at $8 million. This figure encompasses a previous $2 million pre-seed investment secured when the company operated under the Polybase brand. Company representatives declined to share current valuation metrics.
The firm specializes in stablecoin payments that prioritize user confidentiality. Its infrastructure employs zero-knowledge cryptographic methods to shield transaction information. This technology addresses the visibility challenges inherent in public blockchain networks.
Chief Executive Officer Sid Gandhi emphasized that privacy limitations continue to hinder widespread blockchain adoption. He highlighted how transparent stablecoin transfers reveal confidential financial information. He further explained that numerous corporate entities refuse to use blockchain-based payment systems because of these privacy gaps.
Transition from database technology to payment solutions
The company originally launched as Polybase, developing web3 database infrastructure. Leadership initiated a strategic pivot in 2023 following an internal assessment of technology applications. The team identified greater market potential in the private payments sector.
Engineers repurposed existing zero-knowledge cryptographic systems for monetary transfers. This strategic realignment enabled the company to concentrate on stablecoin payment rails. The primary objective centers on delivering enhanced security and usability for commercial applications.
The wallet product went live in January 2024. The Visa-integrated card followed in August 2025. This card enables customers to convert and spend USDC holdings at any location accepting Visa payments.
The organization recently unveiled plans for a proprietary Layer 2 blockchain. This infrastructure will operate atop Ethereum using rollup architecture. Default privacy settings will conceal sender identities, recipient addresses, and transfer values.
Expansion roadmap and business client targeting
Current metrics show Payy serving more than 100,000 active users distributed across 120 nations. Annual transaction throughput reaches approximately $130 million. Revenue generation comes from transaction fees and enterprise service agreements.
The platform now prioritizes corporate and institutional customers. Target segments include fintech firms and banking organizations. The business model accommodates high-volume stablecoin operations requiring confidential transaction processing.
Gandhi disclosed that multiple strategic partners currently evaluate the technology. He confirmed that design partners actively participate in upcoming testnet development. These collaborators investigate various confidential payment applications.
The testnet phase begins next month according to current projections. Full mainnet deployment targets summer 2025. Leadership also confirmed intentions to launch a proprietary token, though specific release dates remain unannounced.
