Jeeves, a stablecoin-native banking platform for global enterprises, announced $110 million in equity funding on Sept. 29 and said stablecoin-settled activity on its platform went from effectively zero to $1.5 billion annualized in eight months.
What happened
The round was led by CoinFund, with participation from AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, Y Combinator and others. Jeeves said its revenue has grown 4x in 14 months, volume has tripled year over year, and total platform volume now exceeds $5 billion annualized. It is expanding its stablecoin card offering from 25 to 35 countries, adding Argentina, Costa Rica, the Dominican Republic, Guatemala, Panama, Peru, Paraguay and Uruguay, and launching a proprietary stablecoin wallet with payouts to 190 countries.
Founder and CEO Dileep Thazhmon said: “We built Jeeves as a banking platform on stablecoin rails because that’s the only way to give companies the same speed and cost structure moving money between São Paulo and Berlin that they get transacting within one country.”
Why it matters
Jeeves said the stablecoin volume is driven by enterprises that move money between markets where correspondent banking is slow or expensive. That is a treasury use case, and it is the same corridor logic behind stablecoin payout rails and the Reap and Visa stablecoin card rollout we covered earlier.
Our read
By our arithmetic, $1.5 billion of $5 billion is about 30% of Jeeves’s annualized platform volume, a large share for a settlement method that was effectively absent eight months earlier. All figures come from the company’s own release and are annualized run rates, not audited results. The signal for finance leaders is where the volume sits: a platform selling corporate cards, accounts payable and treasury payments, with stablecoins doing the settlement underneath.
Source: Jeeves via PR Newswire
