In the post-COVID era, most firms became global with remote employees or offices in various countries. However, they rely on financial infrastructure that is local and country-specific. New York-based Jeeves is an all-in-one expense management platform for global startups, which changes this scenario.
Jeeves offers the underwriting, 30 days of credit in local currency and the payment rails for any business spend across currencies and countries.
Reaches $500M valuation
In a recent development, the expense management platform has raised $57 million in a Series B funding round, which values it at $500 million. The Series B investment was led by CRV and it comes just two months after the Series A round, which was led by Andreesen Horowitz.
The other participants in the round included Tencent, Soros Fund Management, Silicon Valley Bank, Alkeon Capital Management, and key angel investors — Andre Igoudala, Kevin Durant, Odell Beckham Jr., The Chainsmokers and the founders of 8 unicorn startups — Adolfo Babatz (CEO, Clip), Gabriel Braga (CEO, QuintoAndar), Zac Prince (CEO, BlockFi), Pierpaolo Barbieri (CEO, Uala), Immad Akhund (CEO, Mercury), Pablo Gonzalez (Founder, Bitso), Des Traynor (Founder, Intercom), Tom Blomfield (Founder, Monzo Bank), Bo Jiang (CEO, Lithic) and founders from Auth0, GoCardless, UiPath, Hashdex, Dr. Consulta, Buser, Frubana and Pomelo.
The fintech also announced to use the funds to fuel its global expansion, scale its infrastructure to cover more currencies, hiring and accelerate the onboarding of new companies to its expense management platform. Currently, the waitlist of the platform has over 15,000 companies.
Appoints new executives
Besides the investment, Jeeves will appoint new members to its management team, including Chief People Officer, Katharine Reaugh (Previously HR Leader at Netflix, Facebook), Head of General Managers, Andrés Echandi (Uber Lead for ACAC Region), Head of Jeeves Growth, Matthieu Hafemeister (a16z Fintech Partner, Jeeves Series A Lead), Head of Compliance, Kiran Bassi (Pollen Street Capital, Morgan Stanley), and General Counsel, Otis Carter (Kirkland Ellis, Ropes & Gray).
Growth and expansion plans
The Jeeves proprietary infrastructure helps a growing business as helps them use a their card in Barcelona and pay back in euros, then use the same in Mexico and pay back in Pesos, thereby reducing any FX fees and providing instant spend reconciliation across currencies.
Its proprietary infrastructure allows companies to spin up their finance function within minutes.
As a part of its expansion, the fintech also announced Colombia, UK and Europe launch and its existing markets of Mexico and Canada.
Led by Dileep Thazhmon and Sherwin Gandhi, the startup has grown its transaction volume (GTV) by over 5000 per cent since Jan 2021. Also, its user base has been doubling every 60 days, and it now powers more than 1,000 top companies across Canada, LatAm, and Europe, including RappiPay, Belvo, Runa, Bitso, Kavak, Moons, Convictional, Muncher, Juniper, Trienta, Platzi, Worky and others.
Its proprietary Banking-as-a-Service infrastructure will let the company launch in 10 countries every year and cover over 30 countries in the next three years.
