Jeeves' stablecoin bet deepens with $110M Series D led by CoinFund
CoinFund led the round, with Coinbase Ventures, Coinbase, Andreessen Horowitz and AllianceBernstein participating as Jeeves pushes on-chain settlement past half of its cross-border payments.
Jeeves, the Miami-based fintech best known for corporate cards and expense management, has raised $110 million in a Series D round. CoinFund led the financing, with participation from AllianceBernstein, Coinbase Ventures, Coinbase and Andreessen Horowitz.
The capital is earmarked for a set of moves that pull the company further into crypto-native infrastructure. Jeeves plans to launch its own stablecoin wallet, expand into accounts receivable, add agentic AI to its platform, enable instant payouts in more markets and push into more than 25 countries.
The strategic logic rests on how Jeeves' existing payment flows already work. Between 50% and 60% of its international payments now settle on-chain, primarily in USDC. Its Instant Pay product uses stablecoin infrastructure to settle cross-border transfers in minutes while cutting foreign exchange costs.
That matters most where local currencies are unreliable. In Argentina, where annual inflation has at times exceeded 100%, stablecoin-denominated transactions give businesses a hedge that traditional banking has struggled to match on either speed or cost.
"The enterprises we work with are global by default, needing cards and payments that span continents, and every one of them is tired of banking infrastructure that wasn't built for that," founder and chief executive officer Dileep Thazhmon said.
Jeeves has now raised more than $570 million across equity and debt, and reached a $2.1 billion valuation in 2022 in a round led by Tencent. Its platform serves more than 5,000 enterprises, supports over 40 currencies and reaches more than 150 destinations. Customers include H&M, Burger King, Nubank, Kavak and Rappi.
Volume has scaled quickly. Total payment volume has climbed from roughly $400 million to a run rate above $3 billion, with the company targeting $6 billion.
For Coinbase, the investment functions as something of a feedback loop: more USDC volume translates into more demand for the token on which it shares revenue with issuer Circle. It also underscores where stablecoins have found their clearest product-market fit — B2B cross-border payments, where settlement speed and FX cost are measurable line items rather than abstractions. Jeeves, on actual volume, is further along that curve than most.
The enterprises we work with are global by default, needing cards and payments that span continents, and every one of them is tired of banking infrastructure that wasn't built for that.