Jeeves, a New York-based fintech startup, has closed a $57 million Series B funding round to scale its all-in-one expense management platform.
The round was led by CRV and counted with participation from Tencent, Silicon Valley Bank, Alkeon Capital Management, Soros Fund Management, and a key group of angel investors including Kevin Durant, Andre Igoudala, and Odell Beckham Jr. This funding brings the startup’s total funding to $138 million after a Series A led by Andreesen Horowitz back in June. Saar Gur, General Partner at CRV who will be joining the startup’s board of directors, referred to the firm’s participation by stating:
“We were blown away with Jeeves’ growth, consistently hitting and exceeding targets month over month, and the overwhelmingly positive feedback from customers that just love the product. 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.”
Jeeves has also announced the addition of major talent to its leadership team over the past few days. These additions include 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 a waiting list of more than 15k companies, Jeeves has grown its transaction volume by over 5000% during this year with an increase in revenue of 1150% since the Series A back in June. This growth has been boosted by the transition to remote working resulting from the COVID19 pandemic, which forced companies around the globe to rely on new financial infrastructure. Jeeves Co-founder and CEO, Dileep Thazhmon, referred to this success by stating:
“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. This gives us a lot of flexibility and allows us to offer a truly unique product for our customers.”
The funding will be used to expand the presence of the fintech startup to Colombia, the United Kingdom, and Europe, as well as boost the escalation of the startup’s proprietary infrastructure, acquire new talent, and accelerate the onboarding process for companies using the platform.