Jeeves, a financial operating system designed for global enterprises, has successfully raised $110 million in a funding round led by Andreessen Horowitz (a16z) and Coinbase. This significant investment is earmarked to fuel the company's aggressive push into crypto-based payment solutions, particularly emphasizing stablecoins for international transactions. The company, founded by Dileep Thazhmon and Sherwin Gandhi, aims to address the complexities of cross-country financial operations for businesses with distributed teams and customers.
Jeeves's core offering includes corporate cards, expense management, and local and international payments across 25 countries, with key markets in Brazil, Colombia, and Mexico. The company's strategy heavily leverages stablecoins, with over 50-60% of its international payments already settled via this method. This approach has allowed Jeeves to achieve impressive growth, with revenue increasing tenfold and transaction volume eightfold over the past two years, reaching an estimated $3 billion currently and projected to hit $6 billion this year.
The investment from a16z and Coinbase underscores the growing interest in integrating blockchain technology into traditional financial services, particularly for cross-border payments. A16z, a prominent venture capital firm, has been actively investing in the crypto space, recently launching a $2.2 billion "Crypto Fund 5" to support startups building practical applications on crypto infrastructure, including stablecoins and payments. Jeeves's ability to offer a unified platform for cards, bank transfers, and FX across multiple countries, coupled with rapid reconciliation, has attracted a waiting list of over 5,000 companies in its core markets.
