Jeeves, the Miami-based corporate payments company, has closed a $110 million Series C round led by CoinFund, with Andreessen Horowitz, Coinbase Ventures, and asset manager AllianceBernstein participating, the company announced. The capital will fund proprietary stablecoin wallets, AI-driven automation tools, and an expansion of the firm's instant payout product into 10 additional countries.

The raise marks a decisive shift in Jeeves' operating model toward stablecoin settlement as core infrastructure rather than an auxiliary feature. The company now processes more than 50-60% of its international payment volume through stablecoins, primarily Circle-issued USDC, according to company figures. Annualized total payment volume exceeds $3 billion and is reportedly on track to reach $6 billion. Stablecoin-related revenue alone reached $1.5 billion annualized within eight months of the infrastructure launch.

Jeeves reached a peak valuation of $2.1 billion in 2022. Founded in 2019, the company has now raised over $570 million in combined equity and debt financing.

Wallets Without Bank Rails

The new stablecoin wallets will support both USDC and USDT, allowing corporate clients to hold, send, and receive dollar-denominated digital assets without relying on a traditional bank account. For businesses in markets with volatile local currencies, that capability removes a structural dependency on correspondent banking that has long slowed cross-border corporate payments.

Jeeves currently operates in roughly 25 countries, with a concentration in Latin America. The planned expansion would push its footprint to approximately 35 markets, extending a strategy built around small and mid-sized businesses transacting across borders in emerging economies.

The company's Instant Pay product already uses stablecoin rails to compress traditional banking settlement timelines. Earlier in 2026, Jeeves launched a stablecoin-backed corporate card, initially targeting markets such as Argentina, where holding local currency exposes businesses to sustained inflation losses.

Agentic AI in the Payments Stack

Alongside the wallet rollout, Jeeves is deploying agentic AI tools designed to handle expense categorization, compliance checks, and payment routing without human intervention. If the tools perform as described, they would reduce operational overhead in the back-office functions that dominate cost structures for cross-border expense management providers.

CEO Dileep Thazhmon said revenue has grown more than 50% since financing negotiations began, and noted a tenfold increase in both transaction volume and revenue over the past two years — achieved, according to the company, with a lean workforce.

Competitive Positioning

Jeeves enters an increasingly crowded stablecoin payments field. Stripe acquired stablecoin infrastructure firm Bridge to build out its own settlement capabilities, and PayPal has issued its PYUSD stablecoin directly. Jeeves differentiates by approaching the market from corporate expense management rather than merchant acquiring or consumer payments, targeting the operational layer where cross-border businesses manage spend, compliance, and payout timing.

The Series C signals that venture investors now treat stablecoin settlement volume — not just token issuance — as a fundable business line. With $3 billion in annualized volume already flowing through digital-asset rails and 10 new markets on the deployment roadmap, Jeeves will be judged over the coming quarters on whether it can convert that infrastructure into sustained profitability across its expanded footprint.