Jeeves, the Miami-based stablecoin native banking platform for global enterprises, raised $110 million in equity financing led by CoinFund.
Jeeves’ recent $110 million round, described as a Series C or C1 round, was led by CoinFund. Participants included AllianceBernstein, Andreessen Horowitz (a16z), Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista Equity Partners, Wintermute, Y Combinator, and others. Some reports also note involvement from founders and executives in the stablecoin/payments space (including figures associated with Bridge, Circle, Privy, and OpenFX).
No new valuation was disclosed. Jeeves previously reached a $2.1 billion valuation in its March 2022 Series C ($180 million, led by Tencent). Across equity and debt, the company has raised roughly $570 million or more since its 2019 founding.
How will Jeeves use the funds?
The capital supports expansion of the stablecoin native platform, including:
- Launch of proprietary stablecoin wallets supporting USDC and USDT, with instant payouts to 190 countries.
- Expansion of the stablecoin backed corporate card and spend management offering from ~25 to 35 countries (adding markets such as Argentina, Costa Rica, Dominican Republic, Guatemala, Panama, Peru, Paraguay, and Uruguay). This strengthens near complete coverage of Central and South America alongside existing presence in North America, the UK, and Europe.
- New or expanded capabilities: global AI spend tracking, accounts receivable (AR) module (initially noted in Brazil), agentic AI tools for expense categorization, compliance, and payment routing, and broader instant payout availability.
- Opening a Madrid office to accelerate European growth (Europe already represents about 15% of volume).
The platform already offers physical and virtual corporate cards, cross border payments and payouts, credit lines, local and dollar accounts, spend management, and accounts payable software. Stablecoins are largely abstracted from the end user experience so finance teams interact with familiar workflows while settlement occurs on-chain where beneficial.
Company Performance and Traction
Key metrics highlighted with the announcement:
- Annualized total platform volume (cards + payments) exceeds $5 billion and has tripled year over year.
- Stablecoin-settled volume reached $1.5 billion annualized in roughly eight months (from effectively zero), representing the fastest growing portion of activity. Roughly 50–60% of international payment volume already settles via stablecoins (primarily USDC).
- Revenue has grown 3–4x over 12–14 months; management noted >50% revenue growth since term sheet signing for this round.
- Over 80% of customers use multiple products.
- Customers include enterprises such as BMW, H&M, Lululemon, Burger King, Kavak, Nubank, and XP, spanning technology, mobility, logistics, retail, e-commerce, and financial services. The company serves thousands of businesses.
Jeeves emphasizes ownership of its infrastructure stack for better unit economics, control, and multi country service for individual customers. It has operated with a relatively lean team while scaling volume and revenue substantially over the past two years.
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What is Jeeves?
Founded in 2019 (Y Combinator Summer 2020) by Dileep Thazhmon (CEO) and Sherwin Gandhi, Jeeves began as a corporate card and expense management solution focused on Latin American and emerging market businesses before expanding into a broader financial operating system. Thazhmon is a repeat founder who previously co-founded PowerInbox (later Jeeng), an email advertising platform that achieved a reported ~$100 million exit. His experience managing cross border operations at the prior company informed Jeeves’ product thesis. The leadership team includes executives with backgrounds at Payoneer, Brex, Early Warning, Xoom, and other fintech and payments firms.
Headquarters are in Miami, with teams across the Americas and now Europe.
Jeeves differentiates itself by building natively on stablecoin rails while providing the full suite of local banking, card, credit, and software tools enterprises need. The pitch centers on solving the fragmentation, cost, and speed problems of traditional correspondent banking and multi country finance stacks, especially acute for companies operating across emerging and developed markets. Stablecoins enable faster, cheaper settlement; the platform abstracts the complexity so users experience improved outcomes without managing wallets or tokens directly.
This raise occurs against a backdrop of growing enterprise and institutional interest in stablecoin payments infrastructure. Competitors and adjacent players in corporate cards/spend (e.g., Brex, Ramp) and stablecoin/payments (e.g., Stripe’s Bridge acquisition, PayPal’s PYUSD efforts) illustrate the broader category momentum. Jeeves’ combination of Latin American beachhead distribution, multi product adoption, and infrastructure ownership is presented by investors as a differentiated path to becoming a default financial operating system for multi country enterprises.
The round and simultaneous product launches signal an acceleration from regional spend platform toward global, stablecoin native banking infrastructure, with AI automation layered on top to reduce operational overhead for finance teams.
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