Jeeves CEO Raises $180M For His Startup Valued At $2.1B

Jeeves — which describes itself as “an all-in-one corporate card and expense management platform for global startups” — was valued at $500 million back in September last year when it raised a $57 million Series B.

This means it has quadrupled in value in just over six months as it announced last week that it has now raised $180 million in a Series C round that values the company at $2.1 billion.

Jeeves only publicly launched in March of 2020, and officially emerged from stealth last June with $31 million in equity financing and $100 million in debt. In the summer of 2020, Jeeves was a participant in Y Combinator’s summer cohort.

Its founder, Dileep Thazhmon, says that since its Series B was announced in September, it has seen its revenue climb by 900% and doubled its client base to more than 3,000 companies.

The firm was founded under the premise that startups have traditionally had to rely on financial infrastructure that is local and country-specific.

The startup claims that by using its proprietary banking-as-a-service infrastructure, any company can spin up their finance function “in minutes” and get access to 30 days of credit on a corporate card (with 4% cash back), non card payment rails, as well as cross-border payments. Customers can also pay back in multiple currencies, reducing FX (foreign transaction) fees.

The remote-first Jeeves team currently consists of 150 employees across 10 countries.  “Personally, I’ve moved to Miami and will be here for at least a year, figuring out what to do for the company’s headquarters,” the CEO told Bloomberg.