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Jeeves Raises $110M to Put Global Corporate Spend on Stablecoin Rails
CoinFund leads with a16z, Coinbase Ventures and GIC joining as the Miami fintech expands cards to 35 countries.
Jeeves, the Miami fintech that gives global companies corporate cards and payments in one place, has raised $110 million in an equity round led by CoinFund.
AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute and Y Combinator also participated.
Stablecoins as the Back End
Jeeves sells a financial operating system: corporate cards, accounts payable, treasury payments, spend management and automated workflows for companies that operate in more than one country.
The new money funds a push deeper into stablecoin rails, including a stablecoin wallet, AI-powered spend tracking and an accounts receivable module. Its card offering expands from 25 to 35 countries, and the wallet enables payouts to 190.
"The enterprises that choose Jeeves are global by default," said founder and CEO Dileep Thazhmon, "and every one of them is tired of legacy infrastructure that wasn't built for that."
The Numbers
Revenue has quadrupled over 14 months and overall volume tripled year over year to more than $5 billion annualized. Stablecoin-settled activity has reached a $1.5 billion annualized run rate, up from near zero eight months earlier.
More than 80% of customers use multiple Jeeves products. The customer list includes BMW, H&M, Lululemon, Burger King, Kavak and XP.
Why CoinFund Led
"Stablecoins are fundamentally changing finance for enterprises, but thus far, very few companies have created robust stablecoin-based infrastructure ideally suited to enterprises," said David Pakman of CoinFund.
The investor mix is the story: a crypto fund leading, with a16z and Coinbase Ventures alongside sovereign wealth investor GIC and asset manager AllianceBernstein. Refresh Miami framed the round as taking the stablecoin play global.
Why It Matters
Cross-border corporate payments are slow and expensive because they route through correspondent banks with cutoff times and layered fees. Stablecoins settle in minutes at any hour, which is why treasury teams at multinationals have started paying attention.
Jeeves plans to use the funding to expand its geographic footprint, move more products onto stablecoin rails and open a Madrid office. The hard part is regulatory: every new country means another license and another set of rules on how digital dollars can move.