Jeeves, a financial operating system built for global companies, backed by investors including Andreessen Horowitz (a16z), CRV, and Tencent, has expanded its product offering to include prepaid cards and cross-border payments.
Jeeves launched publicly 22 months ago “with corporate credit cards as its initial product and has seen surging demand for its cross-border payments product, especially throughout Latin America (LATAM).”
As part of this new offering, Jeeves will “allow customers to move funds in and out of Brazil, Colombia, and Mexico within 24 hours – a marked improvement on the legacy process, which could take up to 7 days.”
Customers can now “pay vendors and suppliers across 150+ countries in local currencies, supported by multi-language invoice scanning technology to make the experience seamless.”
The introduction of these new products “positions Jeeves as a global leader in financial solutions, offering an all-in-one platform that combines accounts payable, invoicing, and spend management, with credit and prepaid cards, for companies operating across borders.”
Angela Strange, Jeeves board member and a16z general partner, said:
“Today’s businesses are default global and face significant complexity with operations in multiple countries and currencies. The Jeeves team has quickly responded to customer demand for a broader financial operating system by expanding their multi-country expense management and corporate card solution to include accounts payable, using local rails, and ability to transfer funds between countries nearly instantly with transparent FX.”
Currently, Jeeves claims that it “stands alone as the only financial technology company offering this level of localized service across North America, Europe and Latin America.”
As a full principal member with MasterCard in Colombia, Brazil, and Mexico, and the sole expense management provider “with local Bank Identification Numbers (BINs) in all 22 countries across the 3 continents where it operates, Jeeves can onboard companies headquartered in the US, Canada, the UK, Mexico, Colombia, Brazil, and Europe.”
Dileep Thazhmon, Founder and CEO of Jeeves, said:
“Our goal from the beginning has always been to build the first financial operating system for global businesses, which includes both credit and customer funded cards and payments. We started off with corporate credit cards, and we are now moving on to the next phase of building towards this plan. By launching prepaid cards and cross-border payments, our customers can move beyond employee expenses and use Jeeves for all corporate related expenses including vendor payouts and invoicing. Our goal is to be the one-stop financial platform for all global businesses, the thousands of businesses that trust Jeeves to power their finances every day.”
Despite broader macroeconomic challenges, Jeeves recently “secured additional equity investment from a sovereign wealth fund, grew revenue 250% YoY to over $40M ARR entering 2023, and expanded its partnership with MasterCard ® in Colombia and Canada.”
Carlos Garcia, CEO of Kavak, the leading auto marketplace in LATAM, added:
“We’ve used Jeeves as our primary corporate card for over a year, and it’s become integral to our management team and company expenses. It’s user-friendly, fast, and consolidates all our spending in one platform. We’re excited to deepen our partnership with Jeeves, moving from expense management to accounts payable as they introduce cross-border payments in Mexico, Colombia, and Brazil.”
Jeeves recently made key leadership hires “to support its continued growth and innovation. Alex Melikian, previously Payoneer, has joined as Chief Financial Officer, Daniel Adams, previously Marqeta, has joined as Chief Compliance Officer, and Lowell Isaacs, previously Capital One, has joined as VP of Credit Risk and Underwriting.”