By John Reynolds on Wednesday 23 March 2022
Jeeves said it will use the funds to scale up its operation across Latin America, Canada, and Europe, acquire “talent" and speed up the process of adding new companies to its platform.
The boss of US fintech Jeeves has described the current funding environment as one of the “toughest” after it raised $180m.
Jeeves, which dubs itself an “all-in-one corporate card and expense management solution for global startups”, has raised the $180m in a Series C funding round.
The “oversubscribed” funding round comes just seven months after it raised $57m in a Series B round, which then gave it a valuation of $500m.
After its latest round, its valuation now stands at $2.1bn, more than four times what it was at its previous round.
Tencent led the latest funding round and it also includes a string of other investors.
Investors include GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, Spike Ventures.
Funds also came in from the family offices of two FAANG (Facebook, Apple, Amazon, Netflix and Google) founders, and Carlo Enrico, president of Latin America and the Caribbean for Mastercard.
Jeeves offers its clients a cross-border corporate credit card and bank-to-bank payments.
It says that clients using its banking-as-a-service infrastructure can get access to 30 days credit as well as speedy cross-border payments.
Jeeves, founded in 2020 with offices in Mexico City, London, Toronto and Sao Paulo, is using the funds to scale up its operation across Latin America, Canada, and Europe.
Also, it will use the funds to acquire “talent" and try to accelerate the process of adding new companies to its platform.
Jeeves said it has also crossed the $1bn plus marker in gross transaction volume (GTV) in the 11 months since its public launch.
“While we are in one of the toughest environments for startup funding this year, we are excited in the trust investors have, not only in Jeeves but in growing businesses who will be able to use our financial products globally,” said Dileep Thazhmon, Jeeves CEO and founder.
Jeeves currently works with companies across 24 countries and three continents.
Its client base includes high-growth startups, e-commerce, and SMEs including Bitso, Kavak, Belvo, Runa, Merama, Moons, Convictional, Muncher, Platzi, Worky, Beek, Revive Superfoods, Spare, and more.
Its ambition is to have a footprint across more than 40 countries within the next three years.