Jeeves raises $110M to scale stablecoin-native banking platform for global payments

Stablecoin-focused banking platform Jeeves Inc. secured $110 million in equity funding on Tuesday to expand its cryptocurrency wallet capabilities for global payments. CoinFund led the investment round, joined by AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, Y Combinator, and other venture capital firms.

Jeeves' stablecoin-native approach enables rapid transactions while avoiding the volatility of other cryptocurrencies. The company's platform allows global enterprises to streamline corporate payments, accounts payable, treasury operations, spend management, and automation processes. CEO Dileep Thazhmon emphasized the platform's ability to provide the same speed and cost efficiency in cross-border transactions as domestic transactions.

Jeeves currently serves prominent clients like BMW, H&M, Lululemon, and Burger King. The stablecoin market has grown substantially, with Jeeves reporting $1.5 billion in annualized revenue from stablecoin-settled activity, up from nearly zero eight months ago. The stablecoin market is valued at $290-$300 billion, with Tether and Circle being the leading issuers.

Jeeves plans to expand its stablecoin card offerings to 35 countries, including key markets in Central and South America, and launch a proprietary stablecoin wallet with instant payouts in 190 countries.