Expense management platform Jeeves secures $57m Series B funding

New York-based fintech start-up Jeeves has raised $57 million in a Series B funding round.

Jeeves has raised $188 million in equity and debt financing

The new investment follows hot on the heels of the company’s Series A round in June and takes its valuation up to $500 million.

Jeeves has now raised a total of $188 million in equity and debt financing since its inception in 2020.

The latest round was led by CRV and included participation from Chinese tech giant Tencent, Silicon Valley Bank, Alkeon Capital Management, Soros Fund Management and a number of angel investors including sports stars Kevin Durant and Odell Beckham Jr.

Jeeves offers an expense management platform targeted at start-ups featuring cash options, corporate cards and cross-border payments.

It claims it allows firms to “spin up their finance function within minutes” with its “proprietary Banking-as-a-Service infrastructure”.

The start-up says its platform is now used by more than 1,000 companies and has a waiting list of more than 15,000 firms.

Previously only available in Mexico and Canada, the company says it will use the new capital injection to fuel its launch in Colombia, the UK and Europe.

It will also look to scale its platform, hire new staff and accelerate the onboarding of new companies.