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Jeeves quadruples valuation to $2.1 billion

Jeeves quadruples valuation to $2.1 billion

Jeeves, the all-in-one corporate card and expense management platform for global startups, has raised a $180 million Series C at a valuation of $2.1 billion.

The Series C round, which closed in March 2022, comes just seven months after the company's $57 million Series B round, which valued the company at $500 million.

Jeeves has doubled its client base to more than 3000 companies and has grown revenue by 900% since the Series B round, generating more revenue in the first two months of 2022 than all of 2021 combined.

Jeeves provides the underwriting, 30 days of credit in local currency, and the payment rails for any business spend across countries and currencies. Customers can use a Jeeves card in the US and pay back in USD. They can then use that same Jeeves card in Mexico and pay back in Mexican Pesos - reducing all FX fees and providing instant spend reconciliation across countries.

The latest round was led by Tencent and includes participation from GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, Spike Ventures, the family offices of two FAANG founders, and Carlo Enrico, resident of Latin America and the Caribbean for Mastercard.

Jeeves says it will use the capital to fuel its global expansion across Latin America, Canada, and Europe, scale its proprietary infrastructure to cover more currencies, acquire top-tier talent, and accelerate the onboarding of new companies to the platform.

The Jeeves team currently consists of 150 employees across 10 countries. In addition to the Series C announcement, Jeeves has added some high-profile talent to its leadership team, including chief technology officer, Arpan Nanavati, who was previously head of engineering at PayPal and director of engineering at Walmart, former Googler Trent Beckley as head of partnerships, AfterPay sales lead Bhushan Ekbote, and head of strategy, Víctor Garrido, who previously covered the same functions at Mastercard and Bain & Company.

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