Corporate spend-management platform Jeeves has raised $110 million from investors including Andreessen Horowitz and Coinbase Ventures to expand its stablecoin payments infrastructure, the company announced.

The fintech firm, founded in 2019 by Dileep Thazhmon and Sherwin Gandhi, plans to deploy the capital across three initiatives: a dedicated stablecoin wallet, AI-driven automation of underwriting, reconciliation and compliance workflows, and an expansion of instant payout capabilities into more than 25 countries.

More than half of international volume settles on-chain

The round reflects a payments operation that has already shifted substantially onto blockchain rails. Between 50% and 60% of Jeeves' international payments now settle in stablecoins, primarily USDC, the dollar-pegged token issued by Circle. The platform supports dedicated accounts for both USDC and EURC, a euro-denominated stablecoin, allowing corporate clients to move funds instantly and at low cost without routing through the correspondent banking system.

Jeeves built its business on corporate cards, expense management and treasury services, largely serving companies operating across Latin America and other emerging markets. In economies where local currencies are unstable — Argentina, where annual inflation has at times exceeded 100%, is the clearest example — stablecoin-denominated balances and transactions offer businesses a practical hedge against purchasing-power erosion that traditional banks cannot match at comparable speed or cost.

The operational stakes are significant. Cross-border B2B payments remain the segment where stablecoins have found their clearest product-market fit, and Jeeves is further along than most fintechs in routing actual settlement volume through these rails rather than treating them as an experimental sideline.

Scale and valuation context

Jeeves has raised more than $570 million across equity and debt financing to date, reaching a peak valuation of $2.1 billion in 2022. Its total payment volume has grown from roughly $400 million to a run rate exceeding $3 billion, and the company is now targeting $6 billion as it broadens its footprint beyond its Latin American stronghold.

The AI component of the strategy targets cost structure as much as product surface. Automating underwriting, reconciliation and compliance — functions that traditionally require substantial manual review in cross-border payments — could compress operating expenses at a company scaling into more than two dozen new jurisdictions, each with distinct regulatory requirements.

Coinbase's strategic calculus

For Coinbase, the investment fits a pattern. Its venture arm has increasingly backed infrastructure plays that could expand stablecoin adoption, particularly USDC, which underpins Coinbase's own economics through a revenue-sharing arrangement with Circle. Every incremental dollar of corporate payment volume settling in USDC generates demand for the token, producing revenue for Circle and, through the sharing agreement, for Coinbase itself.

That creates a closed feedback loop: Coinbase capital flows into distribution channels for USDC, those channels drive settlement volume, and the volume returns to Coinbase as stablecoin-related revenue. Jeeves, with more than half its international transactions already settling on-chain, is one of the more productive outlets for that strategy.

What comes next

The competitive backdrop is tightening. Banks and payment processors are racing to offer their own stablecoin settlement products as regulatory clarity around payment tokens improves in major jurisdictions, and fintechs that have already migrated volume on-chain hold a temporal advantage in unit economics and settlement speed.

Jeeves' expansion into more than 25 countries will test whether its stablecoin-first model — proven in Latin America's high-inflation markets — translates to jurisdictions with stable local currencies, where the value proposition rests on speed and cost rather than currency hedging. The company's progress toward its $6 billion volume target over the coming quarters will signal whether on-chain settlement is ready to become the default for corporate cross-border payments rather than an emerging-market niche.