Jeeves raises $110M to expand stablecoin payments and AI agents

Jeeves has raised $110 million from investors as the global payments fintech expands deeper into stablecoins and artificial intelligence.

The funding round was led by CoinFund, with participation from AllianceBernstein, Coinbase Ventures and Andreessen Horowitz. Jeeves plans to use the capital to expand its product lineup and make instant payouts available across more markets.

The Miami-based company is now preparing to launch its own stablecoin wallet, expand into accounts receivable and incorporate agentic AI into its platform.

The push builds on Jeeves’ move into stablecoin payments earlier this year. Its Instant Pay product uses stablecoin infrastructure to settle international transfers in minutes, compared with the longer settlement times associated with traditional cross-border banking. 

Jeeves says the service can also reduce foreign exchange costs for businesses operating across multiple markets.

Jeeves has also launched a stablecoin-backed corporate card, allowing companies to fund spending and settle payments using digital-dollar rails while continuing to use traditional card networks.

“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 CEO Dileep Thazhmon said.

The company began primarily as a corporate card and expense management platform but has gradually expanded into cross-border payments, multi-currency accounts and other financial infrastructure for global businesses.

That expansion follows several years of rapid fundraising. Jeeves raised $180 million in 2022 at a $2.1 billion valuation in a round led by Tencent, after being valued at about $500 million only months earlier. Andreessen Horowitz was also an investor in that earlier financing.

Jeeves subsequently expanded beyond corporate cards into prepaid cards and cross-border payments as it sought to become a broader financial operating platform for international companies.

The company now says its platform serves more than 5,000 enterprises, with payments reaching more than 150 destinations and support for over 40 currencies. Customers include companies such as H&M, Burger King, Nubank, Kavak and Rappi.

Latin America remains a major part of Jeeves’ business. The company has historically focused heavily on markets including Mexico, Brazil and Colombia, where fragmented banking systems and currency conversion can complicate payments for companies operating across borders.

Its increased focus on stablecoins comes as digital dollars gain traction as an alternative settlement layer for international payments, particularly in markets where moving dollars through correspondent banking networks can be slower or more expensive.

The next phase will also include AI agents designed to automate parts of companies’ financial operations, adding to a broader industry push to combine payment infrastructure with software capable of independently managing tasks and transactions.