Jeeves raises $110M to build stablecoin wallet and AI agents
What's the deal? Jeeves, a Miami-based fintech known for corporate cards and expense management, has raised $110 million in a Series D round. CoinFundDealroom has a profile for this one. Try Dealroom → led the financing, with participation from AllianceBernsteinDealroom has a profile for this one. Try Dealroom →, Coinbase Ventures, Coinbase, and Andreessen Horowitz.
What's the endgame? The company will use the capital to launch its own stablecoin wallet, expand into accounts receivable, and add agentic AI to its platform. It also plans to enable instant payouts in more markets and expand into over 25 countries.
Why now? Between 50% and 60% of Jeeves' international payments now settle on-chain, primarily in USDC. Its Instant Pay product uses stablecoin infrastructure to settle cross-border transfers in minutes and cut foreign exchange costs.
The approach matters most in markets with unreliable local currencies. In Argentina, where annual inflation has at times exceeded 100%, stablecoin-denominated transactions offer businesses a practical hedge that traditional banking cannot match on speed or cost.
By the numbers: Jeeves has raised over $570 million across equity and debt, reaching US$1.36B valuation in 2022 in a round led by Tencent. Its platform serves more than 5,000 enterprises, supports over 40 currencies, and reaches more than 150 destinations. Customers include H&M, Burger KingDealroom has a profile for this one. Try Dealroom →, Nubank, Kavak, and Rappi.
Total payment volume has climbed from roughly $400 million to a run rate above $3 billion, with the company targeting $6 billion.
"The enterprises we work with are global by default, needing cards and payments that span continents, and every one of them is tired of banking infrastructure that wasn't built for that," founder and chief executive officer Dileep Thazhmon said.
The signal: Stablecoins have found their clearest fit in B2B cross-border payments, and Jeeves is further along than most on actual volume. For Coinbase, the bet doubles as a feedback loop: more USDC volume means more demand for the token it shares revenue on with issuer CircleDealroom has a profile for this one. Try Dealroom →.
Read more: cryptobriefing.com
Image credit: Jeeves
