Jeeves, an all-in-one global expense management platform for startups, has emerged from stealth with $131m in total funding, including $31m in equity and $100m in debt financing.
The $31m in equity consists of a new $26m Series A and a previously unannounced $5m seed round. The $26m Series A funding was led by Andreessen Horowitz. A16z general partner Angela Strange will be joining Jeeves’ board as part of the investment.
The Series A funding also included participation from YC Continuity Fund, Jaguar Ventures, Urban Innovation Fund, Uncorrelated Ventures, Clocktower Ventures, Stanford University, 9 Yards Capital and BlockFi Ventures.
A high-profile group of angel investors also put money in the round, including NFL wide receiver Larry Fitzgerald and the founders of five LatAm unicorns — Nubank CEO David Velez, Kavak CEO Carlos Garcia, Rappi co-founder Sebastian Mejia, Bitso CEO Daniel Vogel and Loft CEO Florian Hagenbuch. Justo’s Ricardo Weder also participated in this round and Plaid co-founder William Hockey put money in the $5m seed funding that closed in 2020 after the company completed the YC Summer 2020 batch.
Founded by Dileep Thazhmon and Sherwin Gandhi in 2019, the startup’s offering is currently live in Mexico — its largest market — as well as Colombia, Canada and the US, and is currently beta testing in Brazil and Chile.
Jeeves will use the fresh capital to onboard new companies to the platform, scale its infrastructure to cover more countries and currencies as well as do some hiring and expand its product line.
The expense management startup offers a B2B technology that integrates corporate card technology with spend controls for organisations that operate across borders.
Jeeves claims that by using its platform, any company can spin up their finance function “in minutes” and get access to 30 days of credit on a true corporate card, noncard payment rails, as well as cross-border payments. Customers can also pay back in multiple currencies, reducing foreign transaction fees.
Jeeves’ users are able to use one provider to handle card, bank to bank transfers and FX in every country they operate with fast and accurate reconciliation on the backend.
The company has seen rapid early growth. Since launching its private beta last October, Jeeves grew its transaction volume by 200x and increased revenue by 900%. In May alone, Jeeves processed more transaction volume than the entire year to date, and more than doubled its customer base.
Furthermore, it boasts of companies including Bitso, Belvo, Justo, Runa, Worky, Zinboe, RobinFood and Muncher, which are actively using Jeeves to manage their local and international spending. On top of that, the startup has a waitlist of more than 5,000 companies.
The firm has also managed to receive approval to issue cards from its own credit BIN (bank identification number) in Mexico. It can also run SPEI payments directly on its infrastructure.
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