Jeevs Secures $110 Million to Expand Enterprise Stablecoin Banking

Enterprise stablecoin banking platform Jeevs has secured $110 million in funding, led by CoinFund. AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, GIC, and Y Combinator also participated in the investment.

Jeevs provides financial operations systems used by companies, supporting corporate cards, payables, fund transfers, and expense management. The company reported that its revenue quadrupled in 14 months, with annualised card and payment transaction volume more than tripling to exceed $5 billion.

Stablecoins drove the growth, with their transaction volume rising from effectively zero as recently as 8 months ago to an annualised $1.5 billion. Jeevs aims to expand its stablecoin card services to 35 countries, including Argentina, Costa Rica, Peru, and Uruguay, which will bring coverage to most of Latin America.

The company introduced a stablecoin wallet that enables instant remittances to 190 countries, an AI-based spending tracking function, and an accounts receivable management function. Jeevs' founder and CEO Dilipp Tazmoon stated that the platform is necessary 'to provide the same speed and cost when moving money between Sao Paulo and Berlin as when transacting within a country,' which must be based on stablecoins.