Jeeves has successfully raised $110 million in equity financing to develop its stablecoin-based banking platform. The round was led by CoinFund with participation from several major investors, including AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, and GIC.
Global PayTech Ventures, ParaFi, Vista, Wintermute, and Y Combinator also joined the round. This funding comes as Jeeves' annual platform volume exceeded $5 billion, encompassing card payment products and payments used by global enterprises. A significant portion of this volume is related to stablecoins.
Jeeves reported that activity settled by stablecoins reached $1.5 billion annually in just eight months, compared to almost zero activity eight months prior. This growth is driven by companies transferring funds between markets where traditional banking infrastructure involves high costs.
The company plans to expand its stablecoin card offering from 25 to 35 countries. New markets include Argentina, Costa Rica, Panama, Peru, Paraguay, and Uruguay, providing Jeeves with broader coverage in Central and South America. The platform also operates in North America, the UK, and Europe.
As part of its international expansion, the company is opening an office in Madrid, intended to strengthen its business related to stablecoin cards and payments. Jeeves serves thousands of businesses across the technology, retail, and financial services sectors. Among its clients are BMW, H&M, Lululemon, Burger King, Kavak, and XP. Over 80% of clients use multiple Jeeves products, including corporate cards, bill payments, treasury payments, and expense management.
Jeeves positions its platform as financial infrastructure for multi-country businesses. Its stablecoin channels are designed to minimize delays typical of traditional cross-border banking operations. The company is also launching its own stablecoin wallet to support instant payments in 190 countries and implementing a global AI-powered expense tracking solution. Furthermore, an accounts receivable module will be added for another financial workflow within the same platform.
These products aim to help companies manage cash flow and control spending. Businesses can manage accounts receivable without needing to connect to numerous banking systems. Jeeves asserts that its platform uses stablecoin infrastructure to settle transactions within minutes, reducing the delays and costs associated with traditional correspondent banking. The company also employs AI agents for data reconciliation and automating financial processes to reduce manual work for finance teams.
Jeeves CEO, Dileep Tasmman, emphasized that global businesses require financial infrastructure that functions across borders, noting that stablecoin channels can provide faster and more stable fund transfers. The attracted capital will allow Jeeves to move beyond traditional payment and expense management services. The company is building a broader financial operating system around stablecoin infrastructure. Jeeves stated that between 50% and 60% of its international payments are now settled on the blockchain, with USDC making up the majority of this stablecoin activity. The company's Instant Pay product utilizes stablecoin infrastructure for cross-border transfers, enabling faster operations and reduced currency exchange costs.
Jeeves has raised over $570 million through equity and debt financing. The platform supports thousands of businesses and over 40 currencies. The new funding will be directed towards product development and international operations, as well as deepening its stablecoin infrastructure for global corporations. David Packman, Managing Partner at CoinFund, noted that Jeeves has created an enterprise-focused stablecoin ecosystem and highlighted its adoption in Latin America, the United States, and Europe.