Jeeves, an all-in-one expenditure management startup for global entrepreneurs, has secured $57 million in a Series B round valued at $500 million. The Series B financing, led by CRV, comes just two months after Andreesen Horowitz led the company's Series A round in June.

Jeeves has raised $183 million in less than 90 days, demonstrating the level of enthusiasm this category-defining fintech has sparked among investors and customers. Jeeves plans to utilize the funds to expand its business in Colombia, the United Kingdom, and Europe, as well as to expand its unique infrastructure to support more currencies, hire new people, and speed up the onboarding of new enterprises to the platform. At the moment, there is already a 15,000+ corporate queue.

Founded by Dileep Thazhmon and Sherwin Gandhi, the startup has raised its transaction volume by over 5000 percent since January 2021, and both revenue and transaction volume have surged 1150 percent since its Series A earlier this year. Jeeves now supports more than 12 currencies and ten countries across three continents, and it has just launched in Colombia, the United Kingdom, and Europe, in addition to Mexico and Canada.

It now powers over 1000 major firms across Latin America, Canada, and Europe, including Bitso, Kavak, RappiPay, Belvo, Runa, Moons, Convictional, Muncher, Juniper, Trienta, Platzi, Worky, and others. Jeeves is offered in Mexico, Colombia, Canada, Europe, and the United Kingdom, which is the company's major market. Jeeves plans to launch 10 nations per year and cover 30+ countries in the next three years, thanks to its patented Banking-as-a-Service architecture.

Moreover, since the outbreak of the COVID-19 pandemic, most companies are going global in nature, with personnel from many nations or commercial needs spanning multiple areas. This leads to having to rely on local and country-specific financial infrastructure. For instance, when a company having employees in Mexico and Colombia feel the need for different vendors to serve its finance function in each country. A corporate card is being fitted into Mexico and another in Colombia, a vendor for cross-border payments, and another for SPEI transactions. It would therefore take a few weeks to reconcile corporate spending and acquire a consolidated snapshot of the company's cash situation at the end of the month.

However, Jeeves has a different perspective to this scenario, by providing underwriting, credit worth 30 days, including a payment that comes for any business spend across countries and currencies. Upon Jeeves’s support, a growing business in particular can bank on its card in Barcelona, for instance, and pay it back in euros. The same card can be used in Mexico by paying back in pesos and this reduces FX fees and provides instant spend reconciliation across countries.

"We had no intention of doing another funding round so soon after our Series A, but our rapid expansion drew considerable interest and term sheets from a number of funds. We're constructing an all-in-one global cost management platform for startups in Latin America, Canada, Europe, and the United Kingdom, including cash, corporate cards, and cross-border transactions, all of which will be hosted on our own infrastructure. This gives us a lot of freedom and allows us to provide our customers with a totally unique solution”, says Dileep.

"We were blown away by Jeeves' growth, consistently hitting and exceeding targets month after month, and the overwhelming positive feedback from customers who simply love the product. Jeeves' infrastructure was built from the ground up by Dileep and Sherwin to dynamically manage cards, bank-to-bank transfers, and foreign exchange across an ever-growing number of regions. From the beginning, it was clear that this was a fast-paced staff focused on developing the financial operating system that so many worldwide organizations require”, says Saar Gur, General Partner at CRV, Midas List VC.