Pomegra
Jeeves closed a $110 million equity round led by CoinFund, backing a stablecoin-native banking platform for global enterprises with a new wallet and wider card coverage.
Key Takeaways
- Jeeves raised $110M in equity, led by CoinFund, with a16z, Coinbase Ventures, GIC and Vista also in.
- Stablecoin volume reached $1.5B annualized, from near zero eight months earlier.
- The company did not disclose its valuation. Its last disclosed mark was $2.1B in 2022.
Lead
Jeeves, the Miami-based corporate spend and payments company, announced on September 30, 2026 that it raised $110 million in equity financing. CoinFund led the round. The company is spending the money on a stablecoin wallet that sends payouts to 190 countries, on extending its stablecoin card from 25 to 35 countries, and on AI-driven spend tracking.
Jeeves described annualized total volume across its card and payments products as above $5 billion, triple the prior year. Revenue quadrupled over 14 months, according to the company. Valuation was not disclosed.
Who Backed the Round?
CoinFund led the round, and its managing partner David Pakman said Jeeves has "real distribution" and that the combination of technology and adoption is why the firm led. Participants include AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute and Y Combinator.
The list mixes crypto-native funds with traditional institutions. CRV and Y Combinator are early backers. CRV led Jeeves' $57 million Series B in September 2021 at a $500 million valuation. A $180 million round in 2022 then valued the company at $2.1 billion.
Some outlets label the new round a Series C. Jeeves' own 2022 financing was already described as a Series C, so the stage label is unclear and the company has not clarified it.
What Does Jeeves Actually Sell?
Jeeves sells physical and virtual corporate cards, accounts payable, treasury payments and spend management to companies operating across borders. Its footprint covers Central and South America, North America, the UK and Europe. The new wallet and an accounts receivable module extend that stack.
The pitch is cost and speed on cross-border transfers. CEO and founder Dileep Thazhmon said the company built its banking platform on stablecoin rails because that is the only way to give companies the same speed and cost structure moving money between São Paulo and Berlin as within one country. Incumbents in this niche, including bank wires and card-based expense tools, settle slower and charge more on foreign exchange.
How Big Is the Stablecoin Business Today?
Stablecoin-settled activity runs at $1.5 billion annualized, about 30% of the $5 billion total. Jeeves said the line was effectively nonexistent eight months ago. That growth rate is the strongest argument for the round, though the base was small and the company has published no margin data for that business.
The card expansion adds Argentina, Costa Rica, the Dominican Republic, Guatemala, Panama, Peru, Paraguay and Uruguay. Latin America has high dollar demand and expensive local banking, which suits a stablecoin-funded product. Jeeves is also opening a Madrid office to push further into Europe.
What Does the Round Imply?
The round arrives four years after the $2.1 billion valuation, and the undisclosed figure leaves the key question open. A flat or lower valuation would fit a market that repriced fintech after 2022. A higher one would signal that investors are paying for the stablecoin shift. Without a number, the lead investor's choice is the clearest signal: a crypto-focused fund is treating Jeeves as stablecoin infrastructure and not just a spend-management tool.
Two risks remain. Regulation of stablecoin issuers and of payments firms holding customer balances differs by country and is still changing, and Jeeves operates in many of them. And the company's growth figures come from its own reporting, with no audited numbers in the announcement.
Outlook
Jeeves has $110 million, a stablecoin line growing from nothing to $1.5 billion in eight months, and 10 new card markets planned. The next checks are whether stablecoin volume keeps its pace beyond the current base, whether the Madrid office translates into European customers, and whether the company discloses a valuation. Competitors in cross-border business payments will likely answer with stablecoin products of their own.
