Last summer, Jeeves Was participating in Y Combinator’s summer batch as a new fintech.
This June, the startup Sneaky emerged with $31 million in equity and $100 million in debt financing.
Today, the company, which is building an “all-in-one expense management platform” for global startups, is announcing that it has raised a $57 million Series B at a $500 million valuation. That’s up from a valuation just north of $100 million at the time of the Jeeves Series A, which closed in May and was announced in early June.
While funding momentum these days is something most of us have never seen before, it’s pretty remarkable that Jeeves essentially signed the term sheet for its Series B two months after closing its Series A. It’s also worth mentioning that just a year ago, it was wrapping up a YC cohort.
Jeeves wasn’t necessarily looking to raise so quickly, but due to increased revenue and its post-Series A spending, led by Andreessen Horowitz (A16Z), the company was approached by dozens of potential investors and submitted several term sheets. Offered to Dilip Thazmon, CEO and Co-Founder. Jeeves went ahead with CRV, which had been interested since A and forged a relationship with Thazmon, so that it can accelerate development and launch in more countries, he said.
CRV led the Series B round, which included participation from Tencent, SVB Capital, Alkeon Capital Management, Soros Fund Management and a high-profile group of angel investors including NBA stars Kevin Durant and Andre Iguodala, Odell Beckham Jr. and The Chainsmokers’ Mantis Venture Capital. Notably, the founders of a dozen unicorn companies also invested in Series B money including (but not limited to) Clip CEO Adolfo Babatz; Gabriel Braga, CEO of QuintoAndar; Ula CEO Pierpaolo Barbieri, BlockFi CEO Zack Prince; Mercury CEO Imad Akhund; Pablo Gonzalez, founder of Bitso; Monzo Bank’s Tom Blomfield; Des Treynor, founder of Intercom; Bo Jiang, CEO of Lithic, as well as the founder of UiPath, Auth0, Gocardless, NuBank, Rappi, Kawak and others.
“Fully Remote” Jeeves describes itself as the first “cross country, cross currency” expense management platform. The startup offering was live in Mexico and Canada and launched today in Colombia, the United Kingdom, and across Europe.
Thazmon and Sherwin Gandhi founded Jeeves last year on the premise that startups have traditionally relied on local and country-specific financial infrastructure. For example, a company with employees in Mexico and Colombia would need multiple vendors to cover its finance function in each country – one in Mexico for a corporate card and one in Colombia and another vendor for cross-border payments.
Jeeves claims that by using its platform Proprietary Banking-as-a-Service Infrastructure, any company can spin up their finance function “in minutes” and gain access to 30 days of credit on a true corporate card (with 4% cash back), non-card payment rail, as well as cross-border payments. can. Clients can also pay in multiple currencies while minimizing FX (Foreign Transaction) fees.
For example, a growing business can use a Jeeves card in Barcelona and pay it back in Euros and use the same card in Mexico and pay it back in pesos, any FX Can reduce fees and provide instant spending solutions in currencies.
Thazmon believes that the “biggest thing” the company is building is its own global BAS layer, which sits across different banking entities in each country, and upon which the end-user is able to perform customer-facing tasks. The Jeeves app is plugged in.
Simply put, he said, “think of it as a BAS platform, but with just one app — the Jeeves app — plugged into it.”
According to thzmon, the startup has increased its transaction volume (GTV) by more than 5,000% since January, and increased both revenue and spending volume by more than 1,100% (11x).
Jeeves now covers over 12 currencies and 10 countries across three continents. Mexico is its biggest market. Jeeves is currently beta testing in Brazil and Chile and Thazmon expects that by the end of the year, it will be live across North America and Europe. Next year, it’s eyeing the Asian market, and Tencent should be able to help it strategically, he said.
“We are building an all-in-one expense management platform for startups in LATAM and global markets – cash, corporate cards, cross-border – all run on our own infrastructure,” Thazmon told . “Our model is similar to Uber’s launch model where we can launch very quickly because we don’t have to rebuild the whole infrastructure. When we launch in countries, We don’t really need to rebuild a stack.”
Jeeves’ user base is doubling every 60 days and now LatAm powers over 1,000 companies in Canada and Europe, including Bitso, Kavak, RappiPay, Belvo, Runa, Moons, Convictional, Muncher, Juniper, Trienta, Platzi, Worky and others. , according to Thazmon. The company says it has a current waiting list of over 15,000.
Jeeves plans to use its new capital to launch in Colombia, the UK and Europe. And, of course, toward hiring more. In the last one month, it has doubled its workforce to 55.
Former a16z partner Matt Hafemeister was so impressed with Jeeves’s creation that in August he left the venture capital firm as head of development to join the startup. Working with the founders as an investor, he concluded that he was “among the best founders in fintech” he had ever interacted with.
Hafemeister said the decision to drop the a16z is also related to Jeeves’ inflection point. The startup is doubling almost every month, and had already achieved its target on revenue by the end of the year.
“It is clear that Jeeves has found the initial product market fit and given the pace of execution, I see Jeeves establishing itself as one of the most important fintech companies over the next few years.afmister told . “The company is transitioning very quickly from a seed company to a Series B company, and being able to help drive the processes and play a role in their growth and maturation is an incredible opportunity for me.”
CRV General Partner Sar Gur (who is also an early investor at DoorDash, Patreon and Mercury) said he was amazed by Jeeves’ growth and how it is “consistently exceeding targets month after month.” Plus, the initial feedback from customers has been overwhelmingly positive, Gur said.
“Jives is building products and infrastructure that are very difficult to execute but by doing the ‘hard stuff’ they deliver incredible value to their customers,” he told . “We didn’t see anyone getting off the ground on day one with global operations in mind.”