Jeeves, a Y Combinator graduate credit card app that launched in 2019, announced today it has raised a $57 million Series B Led by CRV.
“We were not looking to do another financing round this soon after our Series A, but fueled by our exponential growth, we received strong interest, and term sheets from multiple funds,” CEO and Co-founder Dileep Thazhmon said.
“We’re building an all-in-one global expense management platform for startups in LatAm, Canada, Europe, and the UK — cash, corporate cards, crossborder — all run on our infrastructure.”
Founded after incubating in the Y combinator class of 2019, Jeeves is a cross-border card and payments company aiming to slash fees for startups that operate over multiple borders. As a company founded as completely remote, Jeeves has employees all over the world and understands the issues that come with it.
For example, a company with employees in Mexico and the US would need a corporate card vendor in each country and a payment provider between. Jeeves said that with them, you could eliminate the automated 1-2 per cent card fees, pay in local currency, and get up to four per cent cashback on every purchase.
Thazhmon, with almost 17 years in the finance and startup space, previously worked in M&A at Deloitte and ran the international payment product for PayPal.
Co-founder and president Sherwin Gandhi has almost two decades of experience, building equity trading software and trading at JP Morgan and as a founder and investor in the fintech startup space.
Valuation rises to $500 million
The round came just three months after a Series A of $31 million in equity and $100 million of debt. The new round brings the firm’s valuation to $500 million, the firm said, and was lead by CRV, a VC that got in on the ground floor of Doordash and Airtable.
“We were blown away with Jeeves’ growth, consistently hitting and exceeding targets month over month, and the overwhelmingly positive feedback from customers that just love the product,” General Partner at CRV Saar Gur said.
“Dileep and Sherwin designed Jeeves’ infrastructure from the ground up to dynamically manage cards, bank-to-bank transfer, FX across an increasing number of regions.”
Gur will be joining the Jeeves board. The firm now covers more than 12 currencies and ten countries across three continents and announced a launch in Colombia, UK, and Europe.
The firm said it would use the capital to fuel the launch, scale its infrastructure to cover more currencies, acquire new talent, and onboard new clients. There is a 15,000+ company waitlist, Jeeves reported.
“Building a business today increasingly requires a distributed team and multi-country banking processes,” Gandhi said in a LinkedIn post after the Series A. “With Jeeves, global business benefits from an unfragmented and cost-effective banking solution, increasing productivity and creating more jobs.”