Miami-based business payment startup Jeeves announced a new $110 million equity funding round on September 29. The investment round led by CoinFund also marked the largest of four crypto venture deals totaling $178.6 million between September 26 and October 2.
The roster of investors backing Jeeves features prominent institutions. AllianceBernstein, Andreessen Horowitz (a16z), Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, and incubator Y Combinator participated in this equity funding round.
Comprehensive Solutions for Cross-Border Businesses
Jeeves positions itself as a payment infrastructure provider for global corporations. The startup offers an all-in-one financial suite covering corporate card issuance, accounts payable management, treasury payouts, and expense control tools. David Pakman, managing partner at CoinFund, emphasized that Jeeves’ enterprise customer base across Latin America, the United States, and Europe was the primary reason his firm decided to invest.
Adoption across the Jeeves ecosystem has driven strong client retention. More than 80% of business customers now use multiple Jeeves products at once. This combined product usage ultimately fueled a fourfold increase in company revenue over the past 14 months.
Stablecoins Dominate Settlement Flows
Out of its annualized card and payment transaction volume, which now exceeds $5 billion, a significant portion flows over blockchain rails. Jeeves reported that $1.5 billion of that total processing volume was settled using stablecoins. The company reached this crypto settlement milestone in just eight months.
The fresh $110 million in capital immediately fueled the rollout of new tools. Alongside the funding announcement, Jeeves launched a stablecoin wallet featuring direct payout capabilities to 190 countries. This release came alongside the rollout of an AI-powered expense tracking feature and an accounts receivable management module.
Broadening Operational Reach
The company’s operational reach is expanding even further. Jeeves widened its stablecoin card offering from 25 to 35 countries, accompanied by the opening of a new physical office in Madrid.
The expansion targets South and Central American markets as fresh footholds. Countries now included in Jeeves’ market footprint comprise Argentina, Costa Rica, Guatemala, Panama, Peru, Paraguay, and Uruguay. With an architecture bridging fiat banking and blockchain rails, the company has positioned its services along the main corridors of intercontinental corporate capital flows.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
