May 22, 2024 Repost from Jeeves / PRNewswire -- Jeeves, the premier B2B payments and corporate card platform for businesses in Latin America, has closed a $75M credit facility with Community Investment Management ("CIM"), a prominent global impact focused investment manager actively investing in Latin America. In addition to supporting the company's rapid scaling, this financing will enhance Jeeves' financial product suite in its primary Latin American markets - Brazil, Colombia, and Mexico.
Since its inception in 2021, Jeeves has quickly expanded its presence to over 20 countries, establishing itself as the preferred financial partner for thousands of global enterprises, including Burger King, H&M, Blueground, Kavak, Rappi, and many others. Over its brief history, Jeeves has introduced a broad set of products that simplify essential day-to-day financial processes, including its latest offering, Jeeves Pay.
With the new credit facility from CIM, Jeeves will double down on expanding Jeeves Pay and other key product offerings in strategic Latin American markets. Dileep Thazhmon, founder and CEO of Jeeves, expressed enthusiasm about the new partnership with CIM, stating, "We are helping our customers save time and money, and reducing the friction of operating globally. We are thrilled to partner with Community Investment Management, as we share the same mutual vision - empowering businesses in Latin America to thrive not only locally, but also globally. This financing enables us to significantly broaden our capabilities in the region and deepen our relationships with our customers."
Jeeves Pay enables seamless cross-border payments from Mexico, Colombia, and Brazil to dozens of countries including the US and China, through popular local networks such as SPEI, SWIFT, and PIX, all without transaction fees. What distinguishes Jeeves Pay is its flexibility and optionality for customers: enterprises can choose to use their own funds or Jeeves' line of credit for each transfer, empowering them with greater control over cash flow management. When additional cash flow is required, businesses can leverage their Jeeves line of credit to access repayment terms of up to 37 days. When extra liquidity is not needed, companies can opt to use their own capital for interest-free transfers.
This flexibility has garnered significant traction among Latin American enterprises, with payment volumes surging by more than 150% year to date. Brazil presents a significant demand for accessible credit options among businesses. According to recent surveys, over 60% of Brazilian businesses identify access to credit as a major challenge for their operations. On the back of this market demand, Jeeves is excited to officially introduce Jeeves Pay to Brazilian businesses, accompanied by a BRL account for receiving and managing funds, to provide more flexible credit options tailored to our customers.
This partnership with CIM validates Jeeves' market position while enhancing its capability to serve more local businesses with increased efficiency. "At Community Investment Management we are focused on supporting innovative financial solutions that foster business growth and economic development," said Jacob Haar, Managing Partner of CIM. "Our collaboration with Jeeves is an exciting step towards enhancing the financial infrastructure in Latin America, particularly in Brazil, Colombia, and Mexico, where the potential for Jeeves' impact is substantial."
This strategic financing will bolster Jeeves' market presence in Latin America. Through collaboration with CIM, Jeeves aims to expand its reach and deepen its impact on enterprises and medium-sized businesses in Mexico, Colombia, and Brazil.
Jeeves is a financial operating system built for global businesses that provides corporate cards, cross-border payments, and spend management software within one unified platform. The company operates across 20+ countries including Brazil, Canada, Chile, Colombia, Mexico, the United Kingdom, across Europe, and the United States, and serves over 5,000 clients ranging from venture-backed startups to SMBs around the world. With a mission to empower businesses with more efficient and cost-effective financial solutions worldwide, Jeeves combines cutting-edge financial technology with exceptional team expertise to transform the business financial landscape. Jeeves has been recognized as one of The Information's 50 Most Promising Startups in 2023, as well as a Y Combinator Top Company 2021-2023 and won "Fintech of the Year" at the European Fintech Awards. Jeeves is backed by leading investors including A16Z, CRV, Tencent, GIC and Stanford University. FoundersX invested in Jeeves at its seed round.