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For fast-growing start-ups and global enterprises, managing company finances is still a manual process. Traditional enterprise financial products are built on legacy financial infrastructure, like bank accounts, credit cards, and local payment rails, such as ACH, SPEI, and PIX. As a result, they are slow, complicated, and expensive. Finance teams have to wait days for wires to clear, to open bank accounts in new markets, and to reconcile cross-border revenue and employee spend in multiple currencies. As businesses grow and expand, operational complexity compounds, leaving finance teams to handle a web of bank relationships, multiple corporate card programs, invoices paid across currencies, and more. All this results in a month-end close that leaves teams racing to stitch together the pieces that answer the seemingly simple questions, such as, “how much did we earn and how much have we spent?”

Fast-growing companies are acutely affected, as they are adding new markets, hiring new employees, onboarding more customers, sending more invoices, and collecting payments in more currencies. Juggling these dynamics while depending on stagnant, local banking infrastructure leads to enterprises and SMBs hiring large teams to handle these increasingly complicated and manual finance processes. In the age of AI, a company’s financial stack must be blazingly fast, interface with AI systems, and offer maximum automation.

Thankfully, there is a modern, alternative infrastructure available. At CoinFund, we have been watching the payments sector closely and written about our belief that blockchains and stablecoins are the technological infrastructure that will underpin global payments, especially for enterprises. This modern financial system enables companies to run one financial stack across every country in which they do business. Stablecoin payments are growing quickly, reaching $401B–$527B (Allium) of volume 2026 YTD and growing 42–63% YoY. However, stablecoin infrastructure is not enough, as global businesses still need access to local rails, bank accounts, and working capital. They need a financial operating system that provides a unified experience of local market access, interconnected globally by stablecoins.

That is exactly what Jeeves has built, and it is why we are excited to announce that CoinFund has led Jeeves' $110M C1 equity financing, alongside AllianceBernstein, Vista Equity Partners, Coinbase Ventures, ParaFi, FT Partners, Andreessen Horowitz, Y Combinator, GIC, CRV and others.

The Jeeves Platform

Jeeves is a stablecoin-native banking platform for enterprises operating in multiple countries. Through a single platform, Jeeves gives finance teams physical and virtual corporate cards, cross-border payments and payouts, credit lines, local and dollar accounts, and the spend management and accounts payable software that ties them together. Thousands of enterprises across technology, mobility, logistics, and e-commerce run on Jeeves today, including BMW, Lululemon, H&M, Burger King, and Nubank.

One of the many things that makes Jeeves different from the corporate card and spend management companies that came before it is where settlement happens. Jeeves built its platform natively on stablecoin rails. When a customer in São Paulo pays a supplier in Madrid, the payment clears onchain in minutes instead of over a multi-day correspondent chain, and the customer never has to think about a wallet, a token, or a blockchain. Stablecoins are abstracted away entirely. The CFO sees a card program, an AP workflow, and a payment that arrives faster and cheaper than it used to.

This product has clearly resonated with enterprises globally. Jeeves' revenue has grown 3x in 12 months and 80% of its customers use multiple Jeeves products. Stablecoin volume grew nearly 30x year to date, total payment volume has tripled year-over-year, and now exceeds $5B on an annualized basis across cards and payments.

Why Jeeves

We have spent years studying payments as the original crypto use case and backing companies such as Jeeves and Trace Finance that are using stablecoins to bring better financial infrastructure to companies in emerging markets. Jeeves stood out to us for a number of reasons:

First, the team. Jeeves is led by Founder and CEO, Dileep Thazhmon. Dileep is a repeat founder, previously co-founded PowerInbox (later Jeeng), an email advertising platform which sold for $100M+. He founded Jeeves in 2020, joined Y Combinator, and built Jeeves based on personal experience and pain points he had running PowerInbox across borders. Since then Dileep has built an all-star team spanning Miami, NYC, SF, Mexico City, São Paulo, and Bogotá. Jeeves’ CFO, Alexander Melikian, spent nearly a decade at Payoneer, where he led Corporate Strategy, M&A, and Corporate Development and helped spearhead the company's 2021 NASDAQ IPO. Jordan Bulkoski (Chief Revenue Officer) joined Jeeves from Brex, and Kash Baghaei (Chief Product Officer) served as CPO at Early Warning and Xoom. What we have seen is a team with unparalleled knowledge of their customers’ pain points that operates with the tenacity, professionalism, and customer-first approach needed to service complex, growing cross-border businesses.

Second, Jeeves owns its own infrastructure. While slower and harder to build, the Jeeves team knew that owning their stack would not only produce better unit economics, but also provide more control over their product offering and enable them to deliver a better experience to their customers. It is what allows Jeeves to serve a single enterprise customer across many countries, card networks, and banking partners at once.

Third, the market Jeeves started in is the market where CoinFund believes its thesis is being proven the fastest. Latin America is among the highest-adoption regions in the world for business stablecoin usage (Fireblocks), because the gap between what local banking rails offer and what a global company needs has traditionally been the widest. Having demonstrated initial product-market fit in the market where stablecoin payments have found their beachhead, Jeeves is now taking it global. Europe already accounts for 15% of volume, and the company is opening an office in Madrid alongside this raise.

What Comes Next

We think Jeeves is at the beginning of a much larger opportunity. The company started as a corporate card provider for Latin American startups, then became a spend management and payments platform for the region's enterprises, and is now becoming what we hope will be crucial infrastructure for powering global companies. Jeeves is continually expanding its product surface and the geographic coverage, and stablecoins have made the most recent step possible. Jeeves has deployed an array of AI features directly into the product, allowing companies to reduce the costs (and headcount) of managing financial matters, and providing real-time insight to the executives running the business.

Over the next five years we expect Jeeves to be the default financial platform for enterprises running operations across Latin America. We also believe that they will be one of the first companies to show that financial services built natively on stablecoin rails are best positioned to serve both large and small companies operating internationally. CoinFund is proud to partner with Dileep and the Jeeves team on their mission to become the leading financial operating system for global enterprises.

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Disclaimer: The views expressed here are those of the individual CoinFund Management LLC ("CoinFund") personnel quoted and are not the views of CoinFund or its affiliates. Certain information contained herein has been obtained from third-party sources, which may include portfolio companies of funds managed by CoinFund. While taken from sources believed to be reliable, CoinFund has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by CoinFund. An offer to invest in a CoinFund fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by CoinFund, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by CoinFund (excluding investments for which the issuer has not provided permission for CoinFund to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://www.coinfund.io/portfolio.

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