$110M Stablecoin Banking Platform Aims for Global Dominance

Jeeves, a corporate card and expense management platform, has secured $110 million in funding to scale its stablecoin-native banking platform for global enterprises.

The round was led by CoinFund, with participation from AllianceBernstein, Vista Equity Partners, Coinbase Ventures, Andreessen Horowitz (a16z), and Y Combinator.

Jeeves has seen significant growth, with stablecoin volume on its platform increasing from zero to $1.5 billion annually in just eight months. Revenue has also grown more than 50% in a short period of time, according to CEO Dileep Thazhmon.

The company plans to use the funding to further develop its stablecoin infrastructure, including custom-built wallets that support USDC and USDT. Payouts will be available to 190 countries through one platform. Jeeves has also launched cards in an additional 10 countries, including Argentina and Uruguay, and introduced a global AI spend tracker.

Thazhmon wrote on LinkedIn: 'The next decade of global banking will be agentive and seamless between stablecoin and fiat.' He believes companies need to own the primitives directly to achieve this, and that small teams with big ambition, powered by AI and stablecoins, will write this chapter.