Jeeves
From corporate cards to stablecoin-native global treasury: how Jeeves is repositioning around cross-border B2B payments in Latin America
Jeeves was founded in 2019 by Dileep Thazhmon and Sherwin Gandhi and went through Y Combinator’s Summer 2020 batch. The founding thesis was that startups operating across borders were forced to stitch together country-specific financial infrastructure. The company set out to offer multi-country corporate cards, local-currency payments and spend management on a single platform.
Previously co-founder and COO of PowerInbox (now Jeeng), an email ad-server business that, per YC’s profile, grew from 3 to 50+ employees with $35M+ ARR while profitable. Prior venture capital experience; Stanford GSB graduate (with honors). His LinkedIn summary cites a $100M+ exit for Jeeng (self-reported).
Named as co-founder in the 2021 Series B materials, which credited the two founders with designing Jeeves’ infrastructure from scratch. We could not verify further career detail from the sources reviewed and have chosen not to fill the gap with unconfirmed profile data.
Third-party profile aggregators conflict on Mr. Thazhmon’s history (one set cites UBS and Pritzker Group; another cites Deloitte, PayPal and Voyager Capital). We rely only on YC’s own profile. The Jeeng exit value and the YC batch designation (S20 versus W21/G21 in some listings) remain unverified.
Jeeves commercialized its corporate card in September 2021 and added prepaid cards and cross-border payments in 2023. At that time it reported local issuing in 22 countries, with roughly 60% of revenue coming from Colombia, Mexico and Brazil (per TechCrunch). Over 2025-26 the company has moved stablecoin settlement to the center of its offering. Proceeds from the new round are earmarked for a stablecoin wallet, AI agents and instant payouts in more than 25 countries.
| Product Pillar | Description | Note |
|---|---|---|
| Corporate cards & spend | Unlimited virtual cards, local-currency payments, expense controls | Original revenue engine (interchange and fees) |
| Instant Pay | Stablecoin-based cross-border settlement, launched March 2026, 191 destination countries | Days to minutes (company claim) |
| Stablecoin-funded card | LatAm companies with US entities fund cards from stablecoin balances | Launched March 2026 |
| Wallets & AI agents | USD, EUR and BRL wallets; automated finance workflows | Target of new proceeds |
(1) All figures above are unaudited and self-reported by a private company. (2) The “$3B+ TPV run-rate” and “$1B+ annualized stablecoin volume” measure different things, and the base period behind the “from roughly $400M” TPV comparison is not specified. (3) Country counts vary by source (20+, 25+, 30+, 60+). (4) Revenue is not publicly disclosed; only a 2023 “$40M+ annualized” statement and third-party estimates ($37-38M) exist. (5) Named customers (H&M, Burger King, Nubank, Kavak, Rappi) come from company marketing.
Jeeves has run equity and debt in parallel. Between 2021 and 2022 its valuation moved from just above $100M to $2.1B, and in 2024-25 growth capital came mainly from Community Investment Management (CIM) debt. The September 2026 round is its first new equity in roughly three and a half years, and the syndicate has shifted toward crypto-specialist capital (CoinFund, a16z crypto, Coinbase Ventures).
Led by a16z. Valuation was just above $100M per TechCrunch. Initial commercial launch centered on Mexico and Canada.
Led by CRV to fund launches in Colombia, the UK and Europe. Cumulative equity and debt of $188M. The company cited 1,000+ customers and a 15,000+ company waitlist (company statements).
Led by Tencent, under seven months after the Series B, implying a roughly 4x step-up. Over $380M raised in 12 months. This remains the last publicly disclosed valuation mark.
Provided by Community Investment Management. The December 2025 facility lifted Mexico credit capacity to $175M; Mexico is Jeeves’ largest market.
Led by CoinFund with AllianceBernstein, Coinbase Ventures and a16z. Proceeds target a stablecoin wallet, AI agents and instant payouts in 25+ countries. We note Coinbase’s revenue-sharing link to USDC, which aligns its interest with higher settlement volume on Jeeves.
(1) Duplicate round label: both the 2022 $180M round and the 2026 $110M round are reported as “Series C.” We cannot tell from secondary coverage whether the label was reset or a separate round was raised. (2) Total raised diverges: $312M (Latka), $380M (Tracxn), $547M (PitchBook), $570M+ (CB Insights and press). Scope of equity versus debt differs, so we do not settle on a single figure. (3) New-round valuation not found in the coverage reviewed. One third-party tracker (TrueUp) shows a $0.8B secondary mark, roughly 62% below 2022, but we cannot verify it and treat it as indicative only. (4) We could not access the Bloomberg original and cross-checked via secondary reports (CryptoRank, PANews and others).
In Latin American corporate spend, Jeeves competes with Clara, Mendel, Konfio, American Express and bank incumbents such as BBVA and Santander. In stablecoin-based cross-border payments, infrastructure providers such as Bridge and Stripe are both partners and potential competitors. We group Jeeves’ differentiation into six areas and comment on the durability of each.
Local card issuing in 22 countries as of 2023, with local-currency credit. The company claims to be the only spend platform issuing locally across LatAm, North America and Europe; we regard this as an unverified self-assessment.
50-60% of international payments settle in USDC or EURC. Live volume lowers execution risk versus new entrants, though we view the rails themselves as increasingly commoditized.
$75M (2024) plus $100M (2025) from CIM, with $175M of Mexico capacity. Growth in card receivables is funded without equity dilution, but the model is exposed to rates and the credit cycle.
Mexico revenue +250% YoY and NRR above 130% (company). If accurate, this suggests cross-sell is lifting revenue per customer. No audited support is available.
Targets companies consolidating multiple bank and card relationships, for example a global import-export customer cited by the CEO. Deeper integration should raise switching costs and support retention.
CoinFund, a16z crypto and Coinbase Ventures are on the cap table. Coinbase’s USDC revenue share aligns incentives with Jeeves’ volume. We expect indirect benefits in distribution, regulatory navigation and liquidity.
Our assessment: We believe Jeeves’ underlying value proposition is shifting from a corporate card to dollar and euro liquidity access for Latin American businesses. Combining a card-built customer base and credit-underwriting experience with stablecoin settlement is, in our view, the core differentiator. We would monitor three variables: (i) commoditization of stablecoin rails, (ii) regulatory changes in stablecoin and capital-control regimes across its markets, and (iii) the absence of any verified revaluation since the 2022 mark of $2.1B. Catalysts to watch include disclosure of the new round’s valuation, auditable stablecoin volume data, and revenue and credit-loss figures.
Data as of September 30, 2026 · Private company (Miami-based)