Fintech firm Jeeves has secured $110 million in a funding round led by Andreessen Horowitz and Coinbase. The company intends to utilize the capital to expand its crypto infrastructure, specifically by developing a stablecoin wallet and implementing AI agents for operational tasks.
Founded in 2019 by Dileep Thazhmon and Sherwin Gandhi, Jeeves provides corporate cards and expense management services. The platform currently supports USDC and EURC accounts, allowing businesses to bypass traditional banking systems for cross-border payments.
Between 50% and 60% of the company's international payment volume is currently settled on-chain using stablecoins. This approach is particularly utilized in regions with high inflation, such as Argentina, where annual inflation rates have surpassed 100%.
The company has raised a total of over $570 million in equity and debt financing, reaching a peak valuation of $2.1 billion in 2022. Its current payment run rate exceeds $3 billion, with a target of reaching $6 billion.
Jeeves plans to scale its operations to more than 25 countries. For investor Coinbase, the partnership is strategic, as increased usage of USDC generates revenue through a profit-sharing agreement with the stablecoin issuer, Circle.
