Jeeves, a premier B2B payments and corporate card platform for businesses in Latin America, has closed a $75m credit facility with CIM.
Since its inception in 2021, Jeeves has rapidly expanded its presence to over 20 countries, becoming the preferred financial partner for thousands of global enterprises, including Burger King, H&M, Blueground, Kavak, Rappi, and many others.
With the new credit facility from CIM, Jeeves aims to double down on expanding Jeeves Pay and other key product offerings in strategic Latin American markets.
Dileep Thazhmon, founder and CEO of Jeeves, expressed enthusiasm about the new partnership with CIM, stating, ‘We are thrilled to partner with Community Investment Management, as we share the same mutual vision – empowering businesses in Latin America to thrive not only locally but also globally. This financing enables us to significantly broaden our capabilities in the region and deepen our relationships with our customers.'”
Jeeves Pay enables seamless cross-border payments from Mexico, Colombia, and Brazil to dozens of countries, including China and the USA, through popular local networks such as SPEI, SWIFT, and PIX, all without transaction fees.
This flexibility has garnered significant traction among Latin American enterprises, with payment volumes surging by more than 150% year to date. Brazil presents significant demand for accessible credit options among businesses.
“On the back of this market demand, Jeeves is excited to officially introduce Jeeves Pay to Brazilian businesses, accompanied by a BRL account for receiving and managing funds, to provide more flexible credit options tailored to our customers.”
“This partnership with CIM validates Jeeves’ market position while enhancing its capability to serve more local businesses with increased efficiency.”
“At Community Investment Management, we are focused on supporting innovative financial solutions that foster business growth and economic development,” said Jacob Haar, Managing Partner of CIM. “Our collaboration with Jeeves is an exciting step towards enhancing the financial infrastructure in Latin America, particularly in Brazil, Colombia, and Mexico, where the potential for Jeeves’ impact is substantial.”
This strategic financing will bolster Jeeves’ market presence in Latin America, aiming to expand its reach and deepen its impact on enterprises and medium-sized businesses in Mexico, Colombia, and Brazil.
Jeeves has rapidly expanded its presence since its inception in 2021, previously raising significant investment to support its growth trajectory.
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