$110M Crypto Expansion for Fintech Company Jeeves

Jeeves, a fintech company founded in 2019 by Dileep Thazhmon and Sherwin Gandhi, has raised $110 million from investors including Andreessen Horowitz and Coinbase. The funds will be used to expand Jeeves' crypto infrastructure, with a focus on building out a stablecoin wallet, developing AI agents, and enabling instant payouts in more countries.

The company's current approach to international payments is already seeing significant traction, with between 50% and 60% of transactions settling using stablecoins, primarily USDC. This shift away from traditional correspondent banking systems allows for instant, low-fee transactions that sidestep the need for local currencies in markets where they are unreliable.

Jeeves' total payment volume has surged from $400 million to a run rate exceeding $3 billion, with the company targeting $6 billion. The investment from Coinbase and Andreessen Horowitz is expected to further accelerate Jeeves' growth, particularly in its expansion into more than 25 countries beyond its Latin American stronghold.