Jeeves expands further to include prepaid cards and cross-border payments

Jeeves has continued to record steady growth despite the existing macroeconomic headwinds. As part of its growth, it has increased its offerings to include prepaid cards and cross-border payments.

Jeeves’ steady growth

In September 2021, Jeeves launched with corporate credit cards as its main offering. This was after participating in the summer 2020 Y Combinator batch. It presented itself as the first cross-border, cross-currency expense management platform serving businesses in the UK, Europe, Latin America, and North America. At that point, it was valued at $2.1 billion; securing $265 million in equity funding.

Over the close to two years that Jeeves has been in operation, it has reported significant growth. It got into 2023 with an annualized run rate of over $40 million. This represents a surge of 250% YoY. Besides, it recently obtained additional equity investment. Evidently, it is one of the fintech companies that have continued to report steady growth despite the existing macroeconomic challenges.

It’s also expanded its partnership with Mastercard in Canada and Colombia. Currently, it serves customers across 22 countries with about 60% of its revenue being from Brazil, Mexico, and Colombia.

As Jeeves strives to a global leader in financial solutions, the new offerings will allow its customers to transfer funds to and from Colombia, Brazil, and Mexico within 24 hours. Ordinarily, the legacy process would take up to 7 days. With this improvement, Jeeves’ customers can make payments across over 150 nations in the local currencies. The process has further been made seamless via the multi-language invoice scanning technology. Over the years, the company has developed into an all-in-one platform that serves firms operating across borders. This allows for accounts payable, invoicing, and expense management via the offered prepaid and credit cards.