Launching in the United Kingdom, Europe, and Colombia, Jeeves (YC S20) has raised $57 million in Series B funding led by CRV at a valuation of $500 million.
Jeeves 57M Series 500M 100M Juneann
In just 90 days, JEEVES was able to raise $183 million to scale its all-in-one expense management platform for international startups in the United Kingdom, Europe, Mexico, Colombia, and Canada.
Use Your Local Currency to buy Anything, Anyplace.
Currently, there are more than 15,000 businesses on the Jeeves platform’s waiting list.
A global startup cost management platform called Jeeves just announced a $57 million Series B funding round at a $500 million valuation.
In only two short months, the company has gone from a Series A round headed by Andreesen Horowitz in June to a Series B round led by CRV in October.
Angel investors like Kevin Durant, Andre Igoudala, Odell Beckham Jr., The Chainsmokers, and the CEOs of eight unicorn companies like Adolfo Babatz (CEO, Clip), Gabriel Braga (CEO, QuintoAndar), Pierpaolo Barbieri (CEO, Uala), Zac Prince (CEO, BlockFi), Immad Akhund (CEO, Mercury), Pablo Gonzalez (Founder, Bitso), Tom
Investor and consumer enthusiasm for this fintech category-shaper has resulted in Jeeves’ successful fundraising of $183 million in under 90 days. Jeeves plans to use the funds to expand its operations internationally, specifically to Colombia, the United Kingdom, and Europe.
The company will also use the funds to expand its proprietary infrastructure to support more currencies, hire more people, and speed up the process of adding new businesses to its platform. There are currently over 15,000 businesses on the waiting list.
Most businesses today, especially in the post-COVID era, are international in scope, with operations in numerous countries and personnel hailing from a wide variety of cultural backgrounds.
However, they are Limited to Using the Financial Systems of their own Country or Regions.
In order to handle all of its financial needs, a multinational corporation with offices in both Mexico and Colombia would need to work with several companies for things like issuing corporate credit cards in both countries, making international wire transfers, and processing SPEI.
It would take many weeks at the end of each month to reconcile corporate spending and provide a holistic picture of the company’s cash flow situation.
Jeeves Shifts the Status Quo.
In order to facilitate international business transactions, Jeeves offers underwriting, 30 days of credit in local currency, and payment rails.
Jeeves’s proprietary infrastructure makes it possible for a growing company to use a Jeeves card in Barcelona and pay it back in Euros, and then use the same card in Mexico and pay it back in Pesos, all while eliminating foreign exchange fees and providing instant spend reconciliation across currencies.
Since its Series A in early this year,
Jeeves has expanded its transaction volume (GTV) by more than 500% thanks to the efforts of its co-founders, Dileep Thazhmon and Sherwin Gandhi.
Today, in addition to its existing markets in Mexico and Canada, Jeeves announces its launch in Colombia, the United Kingdom, and Europe, bringing its total number of supported currencies and countries to over 12.
More than 1000 leading firms in LatAm, Canada, and Europe rely on Jeeves, including Bitso, Kavak, RappiPay, Belvo, Runa, Moons, Convictional, Muncher, Juniper, Trienta, Platzi, Worky, and others. Jeeves’ user base has been doubling every 60 days.
In addition to its primary market of Mexico, Jeeves is also sold in Colombia, Canada, Europe, and the United Kingdom.
Jeeves plans to launch in 10 countries per year and cover 30+ countries within the next 3 years using its unique Banking-as-a-Service architecture.
“We are building an all-in-one global expense management platform for startups in LatAm, Canada, Europe, and the UK — cash, corporate cards, cross-border — all run on our own infrastructure.
This gives us a lot of Flexibility and allows us to offer a Truly unique Product to our Customers.”
“We were not looking to do another financing round this soon after our Series A, but fuelled by our exponential growth, we received strong interest and term sheets from multiple funds.”
Saar Gur, General Partner at CRV, Midas List VC, and early investor in DoorDash, Patreon, and Mercury Bank, has joined Jeeves’ board of directors because he was “blown away” by the company’s growth.
“We were blown away by Jeeves’ growth, consistently hitting and exceeding targets month over month,” he said.
From the beginning, it was clear that this was a high-velocity team committed to constructing the kind of financial operating system that so many companies around the world need, and that was because of the work of Dileep and Sherwin, who designed Jeeves’ infrastructure from the ground up to dynamically manage cards, bank-to-bank transfer, and foreign exchange across an increasing number of regions.
Chief People Officer Katharine Reaugh (previously HR Leader at Netflix, Facebook), Head of Jeeves Growth Matthieu Hafemeister (a16z Fintech Partner, Jeeves Series A Lead), Head of General Managers Andrés Echandi (Uber Lead for ACAC Region), Head of Compliance Kiran Bassi (Pollen Street Capital, Morgan Stanley), and General Counsel Otis Carter are all new members of the Jeeves leadership team (Kirkland Ellis, Ropes & Gray).
Jeeves, in Brief:
Jeeves is an all-inclusive system for managing costs for new businesses in the United States, Canada, the United Kingdom, Mexico, Colombia, Chile, and Europe.
Jeeves’ patented infrastructure supports cash, corporate cards with up to 4% cash back, and cross-border payments, enabling businesses to quickly spin up their financial division.
When it comes to making payments, Jeeves can handle a number of different currencies. Jeeves is the preferred financial payment stack for more than a thousand businesses around the world.
To fund its global expansion, Jeeves has raised $188 million from investors including Andreesen Horowitz, Y Combinator, CRV, Tencent, and Silicon Valley Bank.