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Jeeves raises $57M in Series B to scale its all-in-one-expense management platform, launch in the UK, Europe and Colombia. It has raised over $180M in about 90 days, with the last funding coming in the form of debt and equity from a16z.
Jeeves, a fintech company providing financial solutions to empower businesses, raised $57 million in a Series B funding round led by CRV at $500 million valuation to launch in the UK, Europe and Colombia, a press release from the company said.
In about 90 days, Jeeves had raised over $180 million to scale its all-in-one-expense management platform. The previous raise was in June, where the company bagged about $131 million in debt and equity financing, part of which was in Series A, from Andreessen Horowitz.
Jeeves’ Series B saw participation from Tencent, Silicon Valley Bank, Alkeon Capital Management, Soros Fund Management and a key group of angel investors including Kevin Durant, Andre Igoudala, Odell Beckham Jr., The Chainsmokers and the founders of eight unicorn companies — Adolfo Babatz (CEO, Clip), Gabriel Braga (CEO, QuintoAndar), Pierpaolo Barbieri (CEO, Uala), Zac Prince (CEO, BlockFi), Immad Akhund (CEO, Mercury), Pablo Gonzalez (Founder, Bitso), Tom Blomfield (Founder, Monzo Bank), Des Traynor (Founder, Intercom), Bo Jiang (CEO, Lithic) and founders from UiPath, Auth0, GoCardless, Hashdex, Dr. Consulta, Buser, Frubana and Pomelo.
Dileep Thazhmon, co-founder and CEO of Jeeves, stated that the funding gives the company a lot of flexibility to offer a truly unique product for its customers and added,
“We were not looking to do another financing round this soon after our Series A, but fueled 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, crossborder — all run on our own infrastructure.“
Alongside the funding, Jeeves announced additions to its leadership. It includes Chief People Officer, Katharine Reaugh (Previously HR Leader at Netflix, Facebook), Head of Jeeves Growth, Matthieu Hafemeister (a16z Fintech Partner, Jeeves Series A Lead), Head of General Managers, Andrés Echandi (Uber Lead for ACAC Region), Head of Compliance, Kiran Bassi (Pollen Street Capital, Morgan Stanley), and General Counsel, Otis Carter (Kirkland Ellis, Ropes & Gray).
With its banking-as-a-service infrastructure, Jeeves currently covers over 12 currencies and ten countries across three continents. It recently launched in Colombia, UK and Europe, in addition to its existing markets. Saar Gur, general partner at CRV, who would join the Jeeves’ Board, opined that the VC firm was impressed at Jeeves’ growth and added,
“Dileep and Sherwin designed Jeeves’ infrastructure from the ground up to dynamically manage cards, bank-to-bank transfer, FX across an increasing number of regions. It was evident from day one that this is a high-velocity team dedicated to building the financial operating system that so many global companies need.”