Pull to refresh
Logo
Jeeves raises $110 million to scale enterprise stablecoin banking

Jeeves raises $110 million to scale enterprise stablecoin banking

Money Moves

The Miami fintech's stablecoin volume went from zero to $1.5 billion annualized in eight months

Today: Jeeves closes $110M round led by CoinFund

Overview

Updated 57 minutes ago

A Miami fintech that built its business issuing corporate cards now moves $1.5 billion a year on stablecoin rails. Jeeves raised $110 million led by CoinFund to fund the shift.

Eight months ago Jeeves settled almost no volume in stablecoins. Now stablecoin payments are its fastest-growing product, as companies use dollar-pegged tokens to move money across borders in minutes instead of days. The funding backs a proprietary stablecoin wallet, AI spend tracking, and card expansion from 25 to 35 countries.

Why it matters

If Jeeves scales, global companies move cross-border payments off correspondent banks—cutting costs and changing who profits from international money movement.

Questions about this story

Free account needed to ask — your question is kept and asked for you right after sign-up. Answers are public.

No questions yet — be the first to ask.

Key Indicators

$110M
Equity raised
Round led by CoinFund with participation from a16z, Coinbase Ventures, GIC and Y Combinator.
$5B
Annualized total platform volume
Card and payment volume more than tripled year over year across thousands of enterprises.
$1.5B
Annualized stablecoin volume
Grew from effectively zero eight months ago as enterprises use stablecoins for fast transfers.
4x
Revenue growth in 14 months
Company-reported growth, no absolute revenue figure disclosed.
35
Countries with stablecoin cards
Expanded from 25 countries, adding eight Latin American markets and nearly all of Central and South America.
190
Countries for wallet payouts
The new proprietary stablecoin wallet enables instant payouts globally.

Voices

Curated perspectives — historical figures and your fellow readers.

Ever wondered what historical figures would say about today's headlines?

Sign up to generate historical perspectives on this story.

People Involved

Organizations Involved

Timeline

2021 October 2026

5 events Latest: Today
Tap a bar to jump to that date
  1. Jeeves closes $110M round led by CoinFund

    Today Funding

    Round backs stablecoin wallet, card expansion to 35 countries and a Madrid office for European growth; revenue up 4x in 14 months.

  2. Jeeves announces stablecoin wallet and AI tools

    Product Launch

    Company unveils a proprietary stablecoin wallet with instant payouts to 190 countries, AI spend tracking and an accounts receivable module.

  3. Jeeves launches stablecoin payments

    Product

    Instant Pay product settles international transfers on stablecoin rails in minutes instead of days.

  4. Jeeves raises $180M at $2.1B valuation

    Funding

    Tencent leads a round that values the five-month-old company at $2.1 billion, up from $500 million months earlier.

  5. Jeeves founded in Miami

    Founding

    Dileep Thazhmon launches a corporate card and spend management platform out of Y Combinator.

Scenarios

1

Jeeves stablecoin volume passes $3 billion annualized

Likely Resolves by Q2 2027

Discussed by: Jeeves leadership; CoinFund's David Pakman

Stablecoin demand keeps growing as Jeeves expands cards to 35 countries and rolls out its wallet across Latin America. The company reports a new stablecoin volume figure or raises a follow-on round that implies continued traction. Enterprise customers already adopting stablecoin cards for regional treasury payments drive the growth.

2

Regulators restrict non-bank stablecoin banking

Possible Resolves by Q1 2027

Discussed by: Payments industry analysts; Captables coverage

EU Markets in Crypto-Assets Regulation (MiCA) enforcement or a US stablecoin bill imposes requirements on wallet providers, treasury management or card issuance. A ruling forces Jeeves to restructure its operating model or stablecoin balances across the 35 countries it serves. The company's use of licensed third-party banking partners becomes a regulatory vulnerability.

3

Enterprise stablecoin growth stalls at Jeeves

Possible Resolves by End of 2027

Discussed by: Fintech trade press; skeptical volume analysts

Traditional banks and card networks launch competitive instant cross-border products, and Jeeves' stablecoin volume plateaus well below its current trajectory. The company's disclosed volume figures stop showing triple-digit growth, and enterprise customers stay with correspondent banking for larger treasury flows.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

2012-2016

Correspondent banking de-risking (2012-2016)

After the 2008 financial crisis, US and European banks cut correspondent relationships with smaller banks across Latin America and Africa to reduce compliance risk. Cross-border transfers slowed and became pricier, leaving businesses with few fast payment options.

Then

Businesses in emerging markets faced slower, costlier international payments.

Now

The gaps opened a path for digital-dollar stablecoins as an alternative settlement layer.

Why this matters now

The slow, expensive legacy rails Jeeves replaces are a direct product of this retreat, which is why enterprises in Latin America and Europe are moving to stablecoins.

2018-2023

Brex's startup-card boom and pivot (2018-2023)

Brex launched in 2018 as a corporate card for venture-backed startups and raised to a $12.3 billion valuation in April 2022. When venture funding froze, its growth stalled, the company cut staff, and it pivoted toward spend-management software for larger businesses.

Then

Brex slowed hiring, reduced headcount and refocused on software.

Now

It became the template for startup-focused card fintechs that burned through venture capital during the 2021 boom.

Why this matters now

Jeeves is the same archetype—YC-backed, corporate cards, a $2.1 billion valuation in 2022—and is pivoting to stablecoin infrastructure to avoid the same stall.

June 2020

Wirecard collapse (2020)

Wirecard, a German payments processor that issued cards and moved merchant money, rose to the DAX 30 index. In June 2020 its auditor revealed that €1.9 billion in cash Wirecard claimed to hold did not exist. The company filed for insolvency within weeks.

Then

The chief executive was arrested and Wirecard entered insolvency proceedings.

Now

Regulators tightened oversight of payment firms that rely on licensed third-party partners to move money.

Why this matters now

Jeeves processes over $5 billion annualized and uses licensed partners for money movement, the same structure that let Wirecard's fraud go undetected for years.

Sources

(7)