Jeeves, A FinTech Startup for Startups, Raises $180 Million
Following a record-breaking 2021, FinTech continues to show strength so far in 2022. Continuing that trend, a startup that offers banking-as-a-service products to other startups has closed a new megaround.
Last week, Jeeves announced that it had closed an oversubscribed $180 million round. The Series C was led by Tencent along with participation from GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, Clocktower Ventures, Urban Innovation Fund, and others. Impressively, this round valued the company at $2.1 billion, which is four times the $500,000 valuation the startup had when it raised its $57 million Series B in September. To date, Jeeves has now raised a total of $368 million in less than two years.
Jeeves is a FinTech that offers growing businesses an “all-in-one expense management platform.” This includes quick access to capital, unlimited corporate cards, and a dashboard that tracks spending across multiple currencies. On that note, currently, the company reports serving more than 3,000 businesses in 24 countries and plans to reach more than 40 counties within the next three years. According to Jeeves, its revenue has also increased 900% since the close of its Series B last fall.
Adding to its announcements, Jeeves also revealed some recent hires joining the startup’s leadership teams. These include Chief Technology Officer Arpan Nanavati, Director of Partnerships Trent Beckley, Head of Sales Operations Bhushan Ekbote, and Head of Strategy Víctor Garrido. Jeeves team now consists of more than 150 employees spread across 10 counties worldwide.
In a press release announcing the Series C, Jeeves found and CEO Dileep Thazhmon said of the raise, “While we are in one of the toughest environments for startup funding this year, we are excited in the trust investors have, not only in Jeeves but in growing businesses who will be able to use our financial products globally.”
Elsewhere, Carlos García, CEO of Jeeves client Kavak, said of the platform, “Jeeves makes everything faster. Kavak is growing exponentially. We need a partner that understands and fulfills our needs. Thanks to Jeeves card and expense platform we can operate cross border seamlessly.”
Not only is Jeeves’ $180 million round a notable figure for a Series C but the fact that the start-up has quadrupled its value in just a few months’ time — reaching unicorn status in the process — is quite impressive. In turn, the company instantly becomes one of the top FinTechs to watch. Of course, this round also sets the stage for what is sure to be another blockbuster year for the industry.