Jeeves

Jeeves, a Y Combinator graduate, offers prepaid and credit business expense cards for enterprises and mainly targets cross-border payments and global workforces (covering local card issuing in 22 countries as of July 2023). It aims to replace the need for different cards across several countries by offering cards that can handle multiple currencies and offering an infrastructure compatible across the globe. Jeeves also provides insights to its users, enabling them to better track and manage their expenses.

The company launched cross-border vendor payout solutions in July 2023, that supports local currency payments in more than 150 countries and offers multi-language invoice scanning to improve process efficiency.  

Besides its expense management solutions, the company offers financing solutions for businesses through a proprietary banking-as-a-service (BaaS) infrastructure. Jeeves provides underwriting, 30-day credit (to be repaid in respective local currencies and avoid FX fees), and non-card payment rails. The company also plans to branch out to additional expense and financial management verticals, including B2B payments, working capital loans, and revenue-based financing.     

The company emerged from stealth in June 2021 and has offices in Mexico, the UK, Canada, and Brazil. As of July 2023, its workforce amounted to around 180 employees. 

Key customers and partnerships

As of October 2022, the company had over 4,000 enterprise clients (more than double its base in September 2021), across 25 countries in North America, Latin America, and Europe. Its customers comprise startups, SMEs, and ecommerce companies, including Bitso, Kavak, and Belvo. In July 2023, the company noted that around 60% of its revenue is generated from Colombia, Mexico, and Brazil.   

Funding and financials

The company has reportedly seen strong growth with revenue rising 250% YoY in 2022 and ARR reaching USD 40 million. Meanwhile, its annualized gross transaction volume amounted to USD 1.3 billion as of March 2022.

Jeeves has raised equity through several funding rounds in quick succession (three rounds between June 2021 and March 2022) with the most recent being a USD 180 million Series C round in March 2022 (led by Tencent). The funding round valued the company at USD 2.1 billion, around 4x its September 2021 valuation (USD 500 million). Jeeves expects to invest the funds in widening its global reach (to over 40 countries by 2025), covering more currencies, and expanding its workforce.