– Expansion targets include Brazil, Colombia, and Mexico.
- Jeeves Pay Credit aims to simplify cross-border payments.
Jeeves, a leading B2B payments and corporate card platform, has secured a $75 million credit facility from Community Investment Management (CIM). This partnership aims to enhance Jeeves’ financial products across key Latin American markets. Since launching in 2021, Jeeves has rapidly expanded to over 20 countries and services major clients like Burger King and H&M.
The new funding will support the expansion of Jeeves Pay and other products in Latin America. Jeeves Pay, particularly, offers flexible cross-border payments from Mexico, Colombia, and Brazil, enabling businesses to manage cash flow efficiently by choosing between their funds or Jeeves’ credit line for transactions. This flexibility has led to a 150% increase in payment volumes year to date.
Brazil, a major focus for this expansion, shows a high demand for accessible business credit. Jeeves is set to introduce Jeeves Pay in Brazil along with a new BRL account feature, responding to over 60% of Brazilian businesses citing credit access as a key challenge. This strategic move by Jeeves and CIM is poised to enhance financial services for businesses in Brazil, Colombia, and Mexico, strengthening their economic impact in the region.