Jeeves expands its offer with cross-border payments and local prepaid cards

Jeeves, the financial operating system designed for global companies and backed by investors such as Andreessen Horowitz (“a16z”), CRV, and Tencent, has expanded its product offering to include prepaid cards and cross-border payments.

Jeeves, which launched publicly 22 months ago with corporate credit cards as its initial product, has seen surging demand for its cross-border payments product, especially throughout Latin America.

As part of this new offering, Jeeves will allow customers to move funds in and out of Brazil, Colombia, and Mexico within 24 hours – a marked improvement on the legacy process, which could take up to 7 days.

Customers can now pay vendors and suppliers across 150+ countries in local currencies, supported by multi-language invoice scanning technology to make the experience seamless.

The introduction of these new products positions Jeeves as a global leader in financial solutions, offering an all-in-one platform that combines accounts payable, invoicing, and spend management, with credit and prepaid cards, for companies operating across borders.

Despite broader macroeconomic challenges, Jeeves recently secured additional equity investment from a sovereign wealth fund, grew revenue 250% YoY to over USD$ 40M ARR entering 2023, and expanded its partnership with MasterCard in Colombia and Canada. The company has raised a total of USD$ 368M in funding over five rounds. Their latest funding was raised on march 22, 2022 from a Series C round, according to Crunchbase.

State of Fintech Q2 2023. (Source: BC Insights)

This expansion of Jeeves provides a great opportunity for investment funds in Latin America. Being a global solution, it can attract foreign investment, promote financial inclusion, and accelerate the adoption of financial technologies in the region.

For startups in Latin America, the expansion of Jeeves can facilitate cross-border business operations and provide efficient financial solutions. Jeeves could become an essential tool for companies in the growth phase, allowing them to focus on their core business while Jeeves handles their financial operations.