This latest round of funding brings Jeeves to a $500M valuation. Here are the top-line bullets you need to know.
Jeeves, an expense management platform for startups, has raised $57M in a Series B. The round drew participation from CRV, Silicon Valley Bank, Soros Fund Management, and Tencent Holdings, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Jeeves provides banking-as-a-service to startups. The company offers corporate credit cards to its customers as well as an expense management app.
- The company operates across 10 countries and covers 12 currencies.
- Jeeves’ Gross Transaction Volume (GTV) has increased 5000% since January 2021, and it has also witnessed revenue growth of 1150% since June 2021. The company’s user base has been doubling every 60 days.
- Jeeves caters to more than 1000 companies — including Bitso, RappiPay, Runa, Convictional, Juniper, and Platzi — and has a waitlist of over 15,000 companies.
- The company currently has around 55 employees and has doubled its team size over the past month.
WHY DOES THE MARKET MATTER?
- The corporate credit card market is expected to grow at a CAGR of 8.3% to reach $7.35B by 2030, according to MarketResearch.Biz.
- This growth has been fueled by accelerated digitization across industries and the need for a solution that unifies spend management software and expense reporting and analytics.