YCombinator startup Jeeves raises $57m

New York-based startup Jeeves has closed a $57m Series B funding round

Jeeves co-founders Sherwin Gandhi and Dileep Thazhmon                                 
Jeeves co-founders Sherwin Gandhi (left) and Dileep Thazhmon – Photo: Jeeves
                                

New York-based expense management platform Jeeves has closed a $57m (£41.1m) Series B funding round at a $500m valuation. 

The round, which was led by Charles River Ventures (CRV), comes just two months after the company completed a Series A round in June with $31m in equity funding and $100m in debt financing. 

This Series B also included participation from Tencent, Silicon Valley Bank, Alkeon Capital Management and other notable firms as well as angel investors such as basketball player Kevin Durant, Monzo Bank founder Tom Blomfield and BlockFi CEO Zac Prince. Jeeves only joined startup accelerator YCombinator last summer as a new fintech company and has raised a total of $183m in three months.

Cross country, cross currency

Amid a COVID-19 pandemic where businesses have had to adapt to a hybrid working environment with remote staff, co-founders Dileep Thazhmon and Sherwin Gandhi recognised that outdated financial systems would be insufficient to scale new businesses, facilitate global growth and enable cross-border payments with low FX fees. Businesses would have to rely on the financial infrastructure of their local country and work with different vendors for cross-border payments.

Jeeves created a proprietary infrastructure for businesses with multi-currency requirements, enabling businesses with a single platform for multi-currency spend and credit in local currencies and underwriting features. 

The startup now powers more than 1,000 companies with more than 15,000 companies on a waiting list. It has also set a target to cover 30 countries in the next three years. The company’s transaction volume has grown by more than 5,000% since Jan 2021 and both revenue has increased 1,150% since it’s Series A earlier this year. 

CEO Dileep Thazhmon commented: “We were not looking to do another financing round this soon after our Series A, but fuelled by our exponential growth, we received strong interest and term sheets from multiple funds.

“We’re building an all-in-one global expense management platform for startups – all run on our own infrastructure. This gives us a lot of flexibility and allows us to offer a truly unique product for our customers.”

Further reading: Zoom sinks on weakening sales

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