Just seven months after its Series B, Jeeves, a corporate card and expense management platform, has just announced the closing of a US$180 million Series C. This brings it to a total of US$380 million dollars in capital raised through three series (A, B and C).
The round was led by Chinese giant Tencent. It included participation from other funds including GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, Spike Ventures, the family offices of two founders of FAANG companies (Facebook, Apple, Amazon, Netflix and Google) and Carlo Enrico, president of Latin America and the Caribbean for MasterCard Card.
The capital was raised to continue expanding in Latin America, Canada and Europe. It will also scale its technology to cover more types of currencies, acquire top-tier talent and incorporate new companies to the platform.
Jeeves offers its platform to companies in global markets including Mexico, Colombia, Chile, Peru, Canada, the United Kingdom and Europe. With this new round of investment, the company reaches a valuation of US$2.1 billion. It is currently based in New York and co-founded and directed by Dileep Thazhamon.
Cash, corporate cards, and cross-border payments run on Jeeves’ proprietary infrastructure. This enables businesses to accelerate their finance function quickly.
Unstoppable Growth
Jeeves is an example of a trend in fintech companies: as they are raising more capital faster, their growth has also kept up.
Since its Series B in September, Jeeves has doubled its customer base to more than 3,000 businesses and has increased its revenue by 900%. The company surpassed US$1 billion in annualized gross transaction volume (GTV) just 11 months after its public launch in March 2021. This marks a 76% monthly growth rate since opening.
In Latin America, some of the companies that are part of its client base are, like Jeeves itself, in a stage of rapid scaling: Bitso, Kavak, Belvo, Runa, Merama, Platzi, Worky and Beek.
The Jeeves team has a highly experienced management team in the technology sector. It includes profiles such as CFO Arpan Nanavati, who was the Director of Engineering at PayPal; the Director of Partnerships, Trent Beckley, formerly Head of Strategic Partnerships at Google; and the Head of Strategy, Víctor Garrido, who was previously at Mastercard and Bain & Company.
You may also be interested in: From Founders to Investors; How Are They Financing the Ecosystem
