Jeeves Raises $110M for Stablecoin Enterprise Finance

Jeeves has raised $110M in equity funding to expand a financial operating platform built for companies that move money across borders. CoinFund led the September 29 financing, with AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, Y Combinator, and others participating. Jeeves did not disclose a formal series label or a new valuation.

The transaction arrives as Jeeves tries to turn stablecoins into background infrastructure for enterprise finance. The company is launching a proprietary stablecoin wallet with payouts to 190 countries, expanding its stablecoin card offering from 25 to 35 countries, adding global AI spend tracking and accounts receivable, and opening an office in Madrid. The broader bet is that finance teams will adopt new settlement rails when those rails improve an ordinary workflow rather than create another one to manage.

What Jeeves Raised

The $110M is equity financing rather than a debt facility, although Jeeves has not named the round or disclosed its terms. CoinFund's lead places a specialist in blockchain infrastructure at the center of a syndicate that also includes established venture firms, institutional asset managers, crypto investors, and returning backers. CoinFund Managing Partner and Head of Venture Investing David Pakman said the firm was drawn to Jeeves' combination of enterprise stablecoin technology and distribution across Latin America, the United States, and Europe.

The funding follows a 2022 Series C in which Jeeves raised $180M at a $2.1B valuation. That historical valuation should not be carried forward to the current round. Jeeves did not announce a 2026 valuation, board change, ownership terms, or exact allocation of the new capital.

Why Stablecoin Infrastructure Matters to Jeeves

Jeeves began with corporate cards and expense management, then expanded into cross-border payments, accounts payable, treasury, and multi-currency operations. Its current product argument is that those functions should share one operating layer. A finance team can issue cards, pay vendors, manage expenses, and move money between markets without reconciling a separate provider for each country or transaction type.

Stablecoins sit underneath that proposition. Jeeves says its Instant Pay corridors can settle international transfers in minutes while users send and receive familiar fiat currencies. The company says annualized stablecoin-settled volume reached $1.5B from effectively zero in eight months, while total annualized platform volume passed $5B and tripled year over year. Jeeves also reports that revenue grew 4x in 14 months and more than 80% of customers use multiple products. Those are company-reported metrics, not independently audited results.

The legal boundary is important. Jeeves' legal notices state that licensed third-party providers execute money and digital-asset movement, while Jeeves administers the technology platform and relays customer instructions. That arrangement does not weaken the product thesis, but it defines the operating challenge: Jeeves has to make a network of regulated partners, banks, card issuers, currencies, and local rules feel like one coherent system without losing control at the handoffs.

The Operating Bet Behind CoinFund's Lead

CoinFund's stablecoin-payments thesis argues that Latin American cross-border flows remain expensive and fragmented because businesses rely on correspondent banking, prefunded accounts, and multiple intermediaries. Jeeves enters that market with relationships already built around cards, spend management, and enterprise finance. The investment logic is therefore as much about distribution and workflow as it is about blockchain infrastructure.

That distinction matters because finance teams rarely buy a settlement rail in isolation. They buy the ability to pay a supplier faster, close the books with fewer exceptions, see cash across currencies, and keep controls intact while a company enters another market. Stablecoins may improve speed and cost, but the commercial product is the operating confidence around them.

What the $110M Changes

The new wallet is meant to support payouts to 190 countries, while the stablecoin card footprint expands to 35 countries. Jeeves named Argentina, Costa Rica, the Dominican Republic, Guatemala, Panama, Peru, Paraguay, and Uruguay among the additional markets, extending its coverage across much of Central and South America. The Madrid office gives the company another base for connecting European businesses with Latin American payment corridors.

Jeeves is also adding an accounts-receivable module and global AI spend tracking. Those products move the company beyond helping finance teams spend money toward a broader system for collecting, moving, and reconciling it. The pieces become more valuable together if data and controls survive the trip from invoice to payment to ledger. More than 80% multi-product usage, if sustained, suggests customers are already willing to consolidate parts of that workflow.

What Jeeves Still Has to Prove

Expansion across 35 countries creates more than a distribution opportunity. It adds local regulation, partner dependencies, currency exposure, compliance obligations, and service expectations. Jeeves' own disclosures show that the platform depends on different banks and payment providers across regions. Product simplicity on the screen has to be matched by reliability across every institution operating underneath it.

The company must also demonstrate that its reported growth converts into durable enterprise economics. Annualized volume measures activity, not revenue or profitability, and stablecoin settlement volume does not by itself show retention, margin, or credit performance. The useful signal is that Jeeves already has enterprise customers using several products while it introduces a new settlement layer. The $110M gives Dileep Thazhmon and the Jeeves team more room to make that layer disappear into daily finance work, where adoption will be measured by fewer manual handoffs and more money moving correctly across borders.