Jeeves achieves $2.1bn valuation after Series C

Payroll and expense management keeps companies afloat; at the end of the day, workers won’t keeping working for you if don’t pay them.

But managing a company’s expenses is a very time-consuming HR task; but tech tools can help.

Hot on the heels of Payhawk becoming a unicorn and Ramp reaching a $8.1 billion valuation, Jeeves has raised $180 million in a Series C round, raising the company’s valuation to $2.1 billion.

The round was led by Tencent and included investors such as Stanford University, GIC, CRV, Spike Ventures, and Silicon Valley Bank. This announcement comes just seven months after their $57 million Series B.  

Jeeves’ technology aims to eliminate extended employee reimbursement wait-periods through its all-in-one corporate card and expense management platform for global startups.  

Clearly this is a problem that needs solving given a recent study by Just Eat for Business found that while 60% said it only takes 15 minutes to submit an expense form, 33% noted it takes over a month to receive their money back.  

Dileep Thazhmon, CEO and founder of Jeeves, added: “A lot of players in Europe are corporate cards, but they’re debit cards, meaning you have to bring the funds then they give you a card and you’re accessing your own funds.”  

“Once you sign up with us, in ten minutes you can start spending and you don’t have to transfer a single pound or a single euro, and you pay us at the end of the month.”  

“In that sense, we do our own underwriting completely for your company.” 

The future for Jeeves

As a result of the Series C, the company plans to accelerate the onboarding of new companies to the platform and increase its own employee base.  

By 2026, their goal is to increase their global coverage to more than 40 countries, looking primarily towards Southeast Asia. Its current customer base spans across 24 countries in North America, Latin America, the UK, and Europe. Jeeves also wants to scale its infrastructure to cover more currencies. 

Thazhmon told TechCrunch: “What we’re trying to do is to build a bank type relationship with the end user so that if you need payments, we can do that. If you need lending, we can do that. If you need deposits, we can give it to you. If you want to start a company, then you can open an account with us and go to any country with any currency you need.” 

“What separates what we provide from a lot of players is that we have our own infrastructure layer, and that’s the actual product which connects into the different banking entities in different countries.”  

Watch this space!