Expense management platform Jeeves raises $180m Series C funding

Corporate expense management platform Jeeves has raised $180 million in a Series C funding round, valuing the company at $2.1 billion.

Jeeves CEO Dileep Thazhmon

The Series C comes just seven months after the company’s $57 million Series B funding round.

Jeeves offers an expense management platform featuring underwriting services, cash options, corporate cards and cross-border payments.

The company claims to have doubled its client base to more than 3,000 companies and grown its revenue by 900% since the Series B in September.

It has also surpassed $1 billion in annualised gross transaction volume since launching in March 2021.

The Series C equity financing round was led by Tencent and saw participation from GIC, Stanford University, Andreessen Horowitz, CRV, Silicon Valley Bank, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels and Spike Ventures.

Jeeves currently serves companies across 24 countries and three continents and aims to cover more than 40 countries in the next three years.

The Miami-based firm has raised more than $380 million over the last year and says it will use the capital to support its global expansion plans as it moves into territories in Latin America, Europe and Canada.

Cash will also be spent on scaling its proprietary infrastructure in order to support more currencies as well as hiring new employees and onboarding new companies to its platform.

In addition to the Series C announcement, Jeeves has also made additions to its leadership team, including new chief technology officer (CTO) Arpan Nanavati, who previously headed up engineering at PayPal.