Jeeves, a startup that has built an all-in-one expense management platform, has announced that it has raised $57 million in its Series B funding round at a valuation of $500 million which is almost 5 times more than what it was valued in its Series A funding round just a couple of months back.
This is another proof of how fintech is considered hot in the trade by investors around the world and it is indeed an indication of the pace of growth that we are seeing in startups and also how the investors are willing to bet on such ideas and platforms. The company was under incubation just about a year back and within a year, we are seeing the company expanding to different regions of the world and getting a large valuation as well.
The Series A funding round was led by Andreesen Horowitz and Series B saw participation from Tencent, SVB Capital, and a host of other investors as well. The platform continues to expand very quickly across countries with it launching in regions as different as Colombia, Mexico, the UK, and other parts of Europe within a matter of a few days. Their Uber-like model helps them to achieve such quick expansion without the need to build anything extra or to increase infrastructure by a lot. The company has been growing its clientele very quickly and it says that it now has over 1000 clients on its platform.
“We’re building an all-in-one expense management platform for startups in LatAm and global markets — cash, corporate cards, cross-border — all run on our own infrastructure,” CEO and Co-Founder Dileep Thazhmon said. “Our model is very similar to that of Uber’s launch model where we can launch very quickly because we don’t have to rebuild an entire infrastructure. When we launch in countries, we actually don’t have to rebuild a stack.”
The company says that businesses can onboard very quickly and almost immediately, they get access to a corporate credit card (with 4% cashback), noncard payment systems as well as access to making cross-border payments as well. The platform also handles multiple currencies which makes the platform very easy to use and also ensures that conversion and other FX charges are kept to the minimum. It is this ability of the company to quickly replicate its business across multiple regions and its ability to grow its clientele within a short period of time that has attracted the investors.