Jeeves, a fintech platform for corporate cards and cross-border payments, has raised $110 million from investors including Andreessen Horowitz and Coinbase. The funds will fund a stablecoin wallet, new AI agents, and instant payouts in more countries, deepening a platform where more than half of international volume already settles on-chain.
A fintech company going stablecoin-native
Jeeves, best known for corporate cards and expense management, has raised $110 million from investors including Andreessen Horowitz and Coinbase to push deeper into crypto infrastructure. The company plans to use the funds to build a stablecoin wallet, develop AI agents, and enable instant payouts in more countries.
Founded in 2019 by Dileep Thazhmon and Sherwin Gandhi, Jeeves offers expense management tools, unlimited virtual cards, and treasury services, mainly for businesses operating across Latin America and other emerging markets. Between 50% and 60% of its international payments now settle using stablecoins, primarily USDC. The platform also supports dedicated accounts for EURC, letting businesses move money instantly and cheaply without the traditional correspondent banking system.
That approach matters most where local currencies are unreliable. In Argentina, where annual inflation has at times exceeded 100%, stablecoin-denominated transactions offer businesses a hedge against currency erosion that traditional banking cannot match at the same speed or cost.
The numbers behind the raise
Jeeves has now raised over $570 million across equity and debt, reaching a peak valuation of $2.1 billion in 2022. Its total payment volume has surged from roughly $400 million to a run rate exceeding $3 billion, with the company targeting $6 billion as it expands into more than 25 countries beyond its Latin American base.
The company is also investing in AI agents to automate underwriting, reconciliation, and compliance workflows.
Coinbase's stake in stablecoin growth
Coinbase has increasingly used its venture arm to back infrastructure plays that could expand adoption of USDC, which is issued by Circle and tied to Coinbase's business through a revenue-sharing arrangement. More volume settling in USDC through platforms like Jeeves means more demand for the stablecoin, which in turn generates revenue for Circle and, by extension, Coinbase.
Stablecoins have found their clearest product-market fit in B2B cross-border transactions, and Jeeves is further along than most, with more than half its international transactions already settling on-chain.
Source: Crypto Briefing
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