FinTech Jeeves Raises $180M Series C at $2.1B Valuation

FinTech infrastructure platform Jeeves raised $180 million in a Series C funding round led by China’s Tencent that puts the startup’s valuation at an estimated $2.1 billion, according to a blog post on Tuesday (March 22).

Additional backers in the round include GIC, Stanford University, a16z, CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, and Spike Ventures.

Jeeves publicly launched in March 2021 and officially emerged last June with $31 million in equity financing and $100 million in debt. In September 2021, the company raised $57 million in a Series B round at a $500 million valuation. 

“Fast forward to today and within one year of our public launch we have crossed $1B in annualized gross transaction volume (GTV) with more than 3,000 companies in 24 countries,” said Jeeves CEO and founder Dileep Thazhmon.

Read more: Expense Management Reaches Beyond The Domestic Business Trip

Sales have grown 900%, the startup’s customer base has doubled and GTV is expected to reach $4 billion by the end of this year. The company made more revenue in the first two months of 2022 than in 2021.

“We can offer [customers] a clearing mechanism for [multiple] cards, local payments and working capital loans in multiple currencies,” Thazhmon told Axios. “That becomes very appealing because they don’t have to move money back and forth, and they don’t have to pay FX fees.”

Using proprietary infrastructure built by Jeeves, customers can make cross-border payments and pay vendors with corporate cards without foreign exchange fees or having to use multiple banks in several regions.

The company offers a corporate card, B2B payments, 30- to 90-day working capital loans and venture debt/revenue financing with Jeeves Growth.

You may also enjoy: Mastercard, Jeeves to Offer Local Cards to Mexican Businesses

“One of the biggest things we sell is this consolidation of all your payments out all your B2B stack into one single platform — versus having four or five different vendors and then having a team to manage all that,” Thazhmon told Axios.

Jeeves serves companies in North America, Latin America, and Europe and plans to use the fresh capital to expand to 40 countries over the next three years.

Headquartered in New York City, the startup also has offices in Mexico City, London, Toronto and Sao Paulo. Its 150 employees work across 10 countries.