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Jeeves, a fintech startup offering corporate credit cards, has announced that it has surpassed $40 million in annualized run rate, marking a 250% year-over-year growth. The company, which started as a participant in Y Combinator’s summer 2020 batch, is now expanding its services to offer businesses prepaid cards and cross-border payments.
Jeeves’ Journey and Growth
Since its inception, Jeeves has evolved from a corporate credit card provider to a comprehensive financial operating system for global companies. The New York-based company has raised a total of $265 million in equity funding at a valuation of $2.1 billion, with backers including Andreessen Horowitz (a16z), CRV, Tencent, and an undisclosed sovereign wealth fund from the Middle East.
New Offerings and Market Differentiation
Jeeves’ expansion to prepaid cards and cross-border payments is a strategic move to serve as an all-in-one platform that combines accounts payable, invoicing, and spend management, with credit and prepaid cards, for companies operating across borders. The company claims that it will allow customers to move funds in and out of Brazil, Colombia, and Mexico within 24 hours — a process that has historically taken up to 7 days. Customers will also have the ability to pay for operational expenses in over 150 countries in local currencies using multilanguage invoice-scanning technology.
Global Presence and Future Plans
Jeeves has completed full local card issuing in all 22 countries in which it operates, and the cards can be paid in local currency. This unique feature sets Jeeves apart from other expense management platforms that are restricted by geographical boundaries. The company currently serves customers across North America, Latin America, the U.K., and Europe, including Kavak, dLocal, and Rappi.
To support its continued growth, Jeeves has made several high-profile hires, including Alex Melikian, previously at Payoneer, as CFO; Daniel Adams, previously with Marqeta, as Chief Compliance Officer; and Lowell Isaacs, previously from Capital One, as VP of Credit Risk and Underwriting.
Looking Ahead
Jeeves’ long-term goal is to go public. The company’s recent achievements and expansion plans set the stage for its transition from a fast-growing startup to a scalable public company. The company’s success story runs counter to many others in the fintech world, where funding has dropped significantly and growth stories are harder to come by, demonstrating the robustness of its business model and strategy.
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