Jeeves Expands Solutions to Include Prepaid Cards and Cross-Border Payments

Published 5 months ago

Jeeves, the global financial operating system leading in expense management for worldwide businesses, has announced the expansion of its product range to include prepaid cards and cross-border payments. Backed by investors such as Andreessen Horowitz (“a16z”), CRV, and Tencent, Jeeves was publicly launched 22 months ago with a corporate credit card solution as its initial product. The company has since seen increasing demand for its cross-border payment product, particularly across Latin America.

Overview of the New Offer

As part of this new offer, Jeeves will enable customers to move funds in and out of Brazil, Colombia, and Mexico in less than 24 hours, a significant improvement upon the traditional process which can take up to 7 days. Jeeves customers can now pay their suppliers in over 150 countries in local currencies, supported by multi-language invoice scanning technology for a seamless experience.

The introduction of these new products positions Jeeves as a global leader in financial solutions, offering an all-in-one platform that combines accounts payable, invoicing, and expense management, with credit and prepaid cards, for businesses operating in various markets.

Jeeves’ Objectives

Currently, Jeeves is the only fintech company offering this level of localized service in North America, Europe, and Latin America. As a principal member of MasterCard® in Colombia, Brazil, and Mexico, and the sole expense management provider with local bank identification numbers (BIN) in the 22 countries across three continents where it operates, Jeeves can onboard businesses based in the U.S., Canada, UK, Mexico, Colombia, Brazil, and Europe.

Jeeves’ Performance and Future Plans

Despite broader macroeconomic challenges, Jeeves recently secured additional capital investment from a sovereign wealth fund, increased revenues by 250% year-on-year to over $40 million of ARR as of 2023, and expanded its partnership with MasterCard® in Colombia and Canada.

Carlos García, CEO of Kavak, LATAM’s leading car sales platform, has been using Jeeves as their main corporate card for over a year and is excited to consolidate their relationship with Jeeves by integrating expense management to accounts payable solutions as cross-border payments are launched in Mexico, Colombia, and Brazil.

To support its continued growth and innovation, Jeeves recently made key leadership hires. Alex Melikian, formerly of Payoneer, joined as Chief Financial Officer, Daniel Adams, previously with Marqeta, came on board as Chief Compliance Officer, and Lowell Isaacs, formerly of Capital One, joined as Vice President of Credit Risk.