May 23, 2023, Repost from Jeeves Blog. - Fintech disruptor Jeeves has experienced rocketship growth in 2022. At the end of 2021, the Jeeves team had 20 employees, live in 10 countries. Fast forward to the end of 2022, and the company had over 200 employees, live in 25+ countries and helped 5,000 businesses access funding and manage spend.
Jeeves raised two funding rounds in 2021-2022 and reached a valuation of $2.1 billion in less than 3 years after launching in summer 2020. Jeeves' powerful singular infrastructure allows them to combine six different vendors into one financial tool.
Currently, Jeeves financial stack includes:
Corporate cards
Global spend management
Local payments
Cross-border payments
Working capital
Growth capital
With its rocketship growth, a lot has happened in 2022, but Jeeves' mission has never changed: reinvent the global financial infrastructure for growing companies.
What is new for Jeeves in 2023? Introducing Jeeves PayJeeves Pay is the world’s first credit-backed business payments solution that revolutionizes the way businesses can now finance and send instant payments locally and across borders. In one seamless experience, Jeeves Pay users can tap into their credit line to send funds or pay vendors in 140 countries and receive up to 30 days to pay back.
Why Jeeves Pay?
Up until this point, Jeeves customers could use their Jeeves credit line to pay for card expenses. However, Jeeves team realized that in many countries, business payments are largely made by bank-to-bank payments or transfers. As a result, they realized there was a strong need for customers to tap into their Jeeves credit line to send non-card payments. That’s when the idea for Jeeves Pay was born.
Benefits of Using Jeeves Pay
With Jeeves Pay, companies will be able to:
Finance local and international business payments with credit. Jeeves’ expertise in global underwriting and financing makes it possible to package financing and payments together. Jeeves Pay allows companies to send business and vendor payments through their credit line, giving up to 30 days to repay.
Send a business payment to 140+ countries in as little as 24 hours. Thanks to Jeeves’ global smart payments routing infrastructure spanning North America, Latin America, and Europe, companies can use Jeeves Pay to quickly and confidently send local and international business payments in local currencies.
Manage cash flow and expenses from one place. Jeeves’ free, built-in expense management platform streamlines all vendor payments in one dashboard and integrates with accounting systems like Quickbooks, Xero, and more for easy reconciliation.
What makes Jeeves Pay different?
Before Jeeves Pay, access to local and international payment rails and short-term financing - like a revolving line of credit - lived in separate worlds. Business and finance teams had to either rely on their own cash or revenues to fund local and cross-border business payments. In addition, they would have to use two or more payment providers to send local and international payments or transfers. Operations were therefore at risk of being limited by either cash flow or technology. With the launch of Jeeves Pay, Jeeves customers finance and disburse all their payments to local and international recipients in one place.
“As companies become increasingly global in their operations, enabling their growth at both the local as well as international levels becomes very important,” said Dileep Thazhmon, founder and CEO of Jeeves. “With Jeeves Pay, a company in Mexico looking to send an important payment to Indonesia can now easily access financing for that payment, and, in the same click, automatically send those funds to their provider’s bank account across the globe - all without ever leaving their Jeeves dashboard.”
Who is eligible for Jeeves Pay?Jeeves Pay will become available to all 4,000+ Jeeves customers as and where permitted by applicable local laws and regulations, complementing existing corporate card and capital loan products. With the addition of global payment capabilities offered through Jeeves Pay, a company using Jeeves can now manage global team spend with locally-issued corporate cards and pay providers with borderless bank transfers.
For Jeeves, 2023 started with the one and only Jeeves Pay!