Fintech startup Jeeves raises $ 57 million, goes from YC to $ 500 million valuation in one year – TechCrunch

Last summer, Jeeves was participating in the Y Combinator summer batch as a fledgling fintech.

This June, the startup quietly 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, announces that it has raised a Series B of $ 57 million with a valuation of $ 500 million. That’s up from a valuation of just over $ 100 million at the time of Jeeves’ Serie A, which closed in May and was announced in early June.

While the pace of funding these days is different from what most of us have seen before, it is quite remarkable that Jeeves essentially signed the term sheet for his Series B just two months after closing his Series A. It’s also remarkable that just a year ago, he was finishing up a cohort of YC.

Jeeves wasn’t necessarily looking to raise this early, but fueled by its growth in revenue and expenses after its Series A, which was led by Andreessen Horowitz (a16z), the company was contacted by dozens of potential investors and offered multiple term sheets, according to CEO and co-founder Dileep Thazhmon. Jeeves moved forward with CRV, which had been interested since A and built a relationship with Thazhmon, so it could further accelerate growth and launch in more countries, he said.

CRV led the Serie B round, which also featured the participation of Tencent, Silicon Valley Bank, Alkeon Capital Management, Soros Fund Management, and a group of high-profile angel investors that includes NBA stars Kevin Durant and Andre Iguodala, Odell Beckham Jr., and The Chainsmokers. Notably, the founders of a dozen unicorn companies also put money into Series B, including (but not limited to) Clip CEO Adolfo Babatz; The CEO of QuintoAndar, Gabriel Braga; Pierpaolo Barbieri, CEO of Uala; Zac Prince, CEO of BlockFi; Mercury’s CEO Immad Akhund; The founder of Bitso, Pablo González; Tom Blomfield of Monzo Bank; The founder of Intercom, Des Traynor; Lithic CEO Bo Jiang, as well as the founders of UiPath, Auth0, GoCardless, Nubank, Rappi, Kavak and others.


The “totally remote” Jeeves describes itself as the first “cross-country and currency” expense management platform. The startup’s offering was live in Mexico and Canada and today launched in Colombia, the United Kingdom, and Europe as a whole.

Thazhmon and Sherwin Gandhi founded Jeeves last year on the premise that startups have traditionally had to rely on a financial infrastructure that is local and country-specific. For example, a company with employees in Mexico and Colombia would require several providers to cover its financial function in each country: a corporate card in Mexico and one in Colombia and another provider for cross-border payments.

Jeeves claims that by using his platform proprietary banking-as-a-service infrastructure, any business can get their finance function up and running “in minutes” and get access to 30 days of credit on a true corporate card (with 4% cash back), cardless payment tracks, and cross-border payments. Clients can also pay in multiple currencies, reducing FX (foreign transaction) fees.

For example, a growing company can use a Jeeves card in Barcelona and return it in euros and use the same card in Mexico and return it in pesos, which reduces exchange rates and provides an instant reconciliation of expenses between currencies.

Thazhmon believes that the “most important” the company is building is its own global BaaS layer, which is located in different banks in each country, and into which the end-user customer-facing Jeeves application connects.

Simply put, he said, “think of it as a BaaS platform, but with a single app, the Jeeves app, connected.”

Image credits: Jeeves

The startup has increased its transaction volume (GTV) by more than 5,000% since January, and both revenue and expense volumes have increased more than 1,100% (11 times) since its Series A earlier this year. , according to Thazhmon.

Jeeves now covers more than 12 currencies and 10 countries on three continents. Mexico is its largest market. Jeeves is currently in beta testing in Brazil and Chile and Thazhmon expects it to be available throughout North America and Europe by the end of the year. Next year, it is targeting the Asian market, and Tencent should be able to help with that strategically, he said.

“We are building an all-in-one expense management platform for startups in Latin America and global markets (cash, corporate cards, cross-border), all run on our own infrastructure,” Thazhmon told TechCrunch. “Our model is very similar to Uber’s launch model, where we can launch very quickly because we don’t have to rebuild a complete infrastructure. When we launch in countries, we don’t actually have to rebuild a stack. “

Jeeves’ user base has doubled every 60 days and now powers more than 1,000 companies in Latin America, Canada and Europe, including Bitso, Kavak, RappiPay, Belvo, Runa, Moons, Convictional, Muncher, Juniper, Trienta, Platzi, Worky and others. , according to Thazhmon. The company says it has a current waiting list of more than 15,000.

Jeeves plans to use its new capital for its launch in Colombia, the UK and Europe. And, of course, towards higher hiring. It has already doubled its number of employees to 55 in the past month.

Former a16z partner Matt Hafemeister was so impressed with what Jeeves is building that in August he left the venture capital firm to join the startup as its head of growth. Working with the founders as an investor, he concluded that they were “among the best fintech founders” he had interacted with.

The decision to leave a16z was also linked to Jeeves’ turning point, Hafemeister said. The startup nearly doubles every month and had already overshadowed the year-end targets in revenue by mid-year.

It is clear that Jeeves has found the first products to fit the market and given the speed of execution, I see that Jeeves will establish itself as one of the top fintech companies in the years to come. ”Ha teacher he told TechCrunch. “The company is moving from a seed company to a Series B company very quickly, and to be able to help get the processes up and running and play a role in their growth and maturity is an incredible opportunity for me.”

Saar Gur, general partner of CRV (who is also one of the first investors at DoorDash, Patreon and Mercury) said he was impressed by Jeeves’ growth and how he has been “consistently hitting and exceeding goals month after month.” Additionally, early customer feedback has been overwhelmingly positive, Gur said.

“Jeeves is building products and infrastructure that are very difficult to execute, but by doing the ‘hard stuff,’ they offer incredible value to their customers,” he told TechCrunch. “We haven’t seen anyone build from scratch with global operations in mind from day one.”

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