Expense management platform Jeeves has reached a valuation of $500m, after it closed its star-studded Series B round on $57m.
CRV led the round, with commitments also comes Tencent, Silicon Valley Bank, Alkeon Capital Management and Soros Fund Management.
The round was also supported by several notable angel investors. Among these were The Chainsmokers, Odell Beckham Jr., Andre Igoudala and Kevin Durant.
Eight unicorn founders also supported the Series B, including Clip CEO Adolfo Babatz, QuintoAndar CEO Gabriel Braga, Uala CEO Pierpaolo Barbieri, BlockFi CEO Zac Prince, Mercury CEO Immad Akhund, Bitso founder Pablo Gonzalez, Monzo Bank founder Tom Blomfield, Intercom founder Des Traynor and Lithic CEO Bo Jiang.
The Series B round comes just two months after Jeeves raised $131m in its Series A round. The investment, which was led by Andreessen Horowitz, was comprised of $31m in equity and $100m in debt.
With all the fresh equity, the FinTech company will bolster its launch in Colombia, UK, and Europe. Jeeves also plans to scale its infrastructure to support more currencies, hire more staff members, and accelerate the onboarding of new companies to the platform. It claims there are over 15,000 companies on its waitlist.
Jeeves has experienced stellar growth during 2021, with it claiming a rise in transaction volume by over 5,000% since January. It claims its user base has been doubling every 60 days and it now supports over 1,000 companies across LatAm, Canada and Europe, including Bitso, Kavak, RappiPay and Belvo.
Furthermore, the company’s revenue has grown by 1,150% since its Series A round, just two months ago.
Jeeves is an all-in-one expense management platform, which offers corporate cards and cross-border payments. Its platform ensures a company can easily make payments in various countries and currencies with reduced FX fees.
The FinTech company currently supports 12 currencies and ten countries.
Jeeves co-founder and CEO Dileep Thazhmon said, “We were not looking to do another financing round this soon after our Series A, but fuelled by our exponential growth, we received strong interest and term sheets from multiple funds.
“We’re building an all-in-one global expense management platform for startups in LatAm, Canada, Europe and UK — cash, corporate cards, cross-border — all run on our own infrastructure. This gives us a lot of flexibility and allows us to offer a truly unique product for our customers.”
The FinTech company has added several key staff to its team, including Katharine Reaugh as its new chief people officer, Matthieu Hafemeister as the head of Jeeves growth, Andrés Echandi as its head of general managers and Kiran Bassi as the head of compliance.
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