The financial tech company, based in New York, JEEVES has raised another huge amount of $180 million in a Series C round of funding and this makes the total capital raised since inception of fintech to $380 million.
This has valued the company from last rounds $500 million to $2.1 billion, which is an escalation of almost quadrupled value.
The round was headed by the Chinese Multinational Conglomerate company, Tencent. Other backers who supported the round include some famous names like Stanford University, GIC, a16z, Silicon Valley Bank, CRV, FT Partners, Urban Innovation Funds, Clocktower Ventures, Gaingels, Haven Ventures and Spike Ventures.
The 2020’s founded company Jeeves got its public launch in March of 2021’s. Dileep Thazhmon and Sherwin Gandhi built the foundation of a fintech company that provides diverse currency corporate cards, non-dilutive funding, payments and free built-in management of expense for the developing businesses around the globe.
The company says itself that it delivers underwriting, credits in the local currency and the payment rails for any firm spent across the countries and coinage.
It was claimed by the New York headquartered company that any company can spin up their finance functions just in minutes by using the proprietary banking as a services framework and it also can get access to 30 days of credit on a corporate card with 4 percent cash back. With reduced foreign transaction fees, customers can also pay back in many currencies.
The fintech company offers collaborative card, B2B payments, working capital loans of 30-90 days , and debt financing of ventures with Jeeves growth.
Dileep Thazhmon said that the consolidation of all the payments of customers on their B2B stack into 1 platform, is one of the biggest things sold by us which on the other hand there are 4 or 5 different vendors and then also a team which has to manage all that.
He also told techcrunch that they are trying to build a relationship with the end user, as a bank, so that if they need payments or lending or deposits, the company can do that. If someone wants to start a company, then they can open an account with Jeeves’ and go to any country without the tension of currency change. The infrastructure layer provided on its own by Jeeves, makes them different from other players.
He also added that he knows that there are massive companies in the globe that own everything, you just have to be different and creative.
The hybrid remote Jeeves has its roots in London, Toronto, Mexico and Sao Paulo. Across 10 countries, there are a total of 150 employees in the company.
The expense management and payments focused company plans to use the secured capital of series C in the following-
- To expand across the Canada, Europe and Latin America, that will help in scaling its infrastructure and groundwork to cover more number of currencies,
- In aggressive recruiting processes and also
- In accomplishing their goal of widening their business and services in almost forty countries over the coming 3 years. It has its eyes on Southeast Asia and most likely on Saudi Arabia and Africa.
Currently it serves some of the companies of Latin America, Europe and North America.
Since its foundation, it has raised $31 million in equity funding in March 2021, then $100 million in debt funding and then $57 million in series B in 2021 which has valued the company to $500 million. Just after 6 months of series B , the company raised series C round of 180 million dollars and valued at $2.1 billion. Which is extremely impressive.
Conclusion
The fintech startup, Jeeves raised $180M in series C just after 6 months from its series B funding round of September. The company is valued at $2.1 billion, which is quadrupled from series B rounds valuation. As informed by the company, this round was led by China’s giant, Tencent along with participation from other investors including Stanford University, GIC, a16z, Silicon Valley Bank, CRV, FT Partners, Urban Innovation Funds, Clocktower Ventures, Gaingels, Haven Ventures and Spike Ventures. The company aims to widen their business and services in almost forty countries over the coming 3 years and also wants to engage in aggressive hiring.
FAQs
Ans. $2.1 billion.
Ans. China’s International company, Tencent, headed this round along with other investors.
Ans. In 2020.
Ans. It is a financial technology company that offers multi-currency corporate cards, B2B payments, etc.
Ans. Dileep Thazhmon and Sherwin Gandhi.
