Jeeves Secures $110M to Fuel Stablecoin Expansion

US-based expense management software provider Jeeves has secured $110 million in new equity funding to scale its stablecoin business. CoinFund led the round with support from major players such as Coinbase Ventures, Andreessen Horowitz, and others.

Jeeves' CEO and founder Dileep Thazhmon confirmed the funding on Tuesday via a statement posted to LinkedIn. He revealed that revenue has grown 'more than 50% in a few months' since signing the Series C-1 term sheet. The company's total platform volume for card and payment products now exceeds $5 billion, with $1.5 billion in annualised platform volume coming from its stablecoin business.

Jeeves currently uses stablecoins for corporate cards and cross-border payments, serving clients such as BMW, Lululemon, H&M, Burger King, and Nubank. With the fresh funding, Jeeves plans to launch stablecoin wallets supporting USDC and USDT, with payouts to 190 countries.