Image Source: PR NewsWire
Jeeves, an all-in-one expense management platform for global startups, announced that it has raised a $57M Series B at a $500M valuation. The Series B round, led by CRV, comes just two months after the company’s Series A round led by Andreesen Horowitz in June. That’s up from a valuation of just north of $100 million at the time of Jeeves’ Series A, which closed in May and was announced in early June.
Jeeves has raised $183M in less than 90 days, this showed the company a clear indication of the interest in fintech. Jeeves will use the capital to fuel its launch in Colombia, UK, Europe and scale its proprietary infrastructure to cover more currencies, learn new talent and speed the onboarding of new companies to the platform.
It was not on the list of Jeeves to raise so soon, but fueled by its growth in revenue and spend after its series A, which was led by Andreessen Horowitz (a16z), the company was approached by dozens of potential investors and offered multiple term sheets, according to CEO and co-founder Dileep Thazhmon. CRV plays an initial role in Jeeves growth, which had been interested since the A and built a relationship with Thazhmon, so it could further speed growth and launch in more countries.
Image Source: TechChrunch
Series B round led by CRV, which also included participation from Tencent, SVB Capital, Alkeon Capital Management, Soros Fund Management, and high profile of angel investors including Odell Beckham Jr. and NBA stars Kevin Durant and Andre Iguodala.
Jeeves was founded last year by Thazhmon and Sherwin Gandhi under the premise that startups have traditionally had to demand financial infrastructure that is local and country-specific. Like, a company with employees in Mexico and Colombia would require multiple vendors to cover its finance function in each country a corporate card in Mexico and one in Colombia, and another vendor for cross-border payments.
Jeeves says that by using its platform’s proprietary Banking-as-a Service infrastructure, any company can spin up their finance function “in minutes” and get access to 30 days of credit on a true corporate card, non-card payment rails, as well as cross-border payments. Customers also have the option to pay back in multiple currencies, reducing Foreign transaction fees.
Jeeves is building products and infrastructures that are very difficult to carry out but they doing hard things they are offering such incredible value to their customers. Best of Luck Jeeves!!