Payy Network has raised $6 million in Seed funding, according to a company statement. The funding was led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto.
Payy is a stablecoin blockchain that states it is private by default. Payy believes there is a major flaw in the current stablecoin ecosystem, as payments and transfers onchain are visible by default.
Payy offers a service that enables private transactions for global enterprises. Using zero-knowledge proofs, value transfers are shielded so activity can’t be linked to the transaction.
In 2025, Payy launched the Payy Visa card, the first non-custodial stablecoin card with privacy.
Sid Gandhi, CEO of Payy Network, believes that enterprises will never adopt onchain payment flows that are publicly visible.
“Today, sending a stablecoin payment is like posting your bank statement on a public website. Every amount, every recipient, every balance, visible to anyone. That’s a dealbreaker for any serious business. We’ve spent three years building the infrastructure that makes private transactions possible, and this funding lets us bring it to more institutions and accelerate the mass adoption of stablecoin payments.”
Payy’s service is already live with over 100,000 users across 120 countries and processing approximately $130 million in annualized transaction volume.
Payy is now expanding the same private transfers to serve financial institutions, Fintech platforms, and enterprises seeking to integrate stablecoin payments without exposing sensitive transaction data.
Adam Nelson, Partner at FirstMark, says Payy is fixing a glaring shortcoming in the current stablecoin environment by providing “financial-system-level privacy for stablecoin spending, without giving up usability.”
Payy was founded by Gandhi and Calum Moore, CTO. Gandhi previously worked in engineering at Apple, where he developed privacy-related products.
Moore is an alumnus of Y Combinator, where he founded a company working on large-scale data analysis systems.
