Jeeves, a leading B2B payments and corporate card platform catering to businesses across Latin America, has finalized a $75 million credit facility with CIM.
Since its establishment in 2021, Jeeves has experienced rapid growth, extending its reach to over 20 countries. It has emerged as the preferred financial partner for numerous global enterprises, including renowned brands like Burger King, H&M, Blueground, Kavak, and Rappi.
With the backing of CIM’s credit facility, Jeeves aims to intensify its efforts in expanding Jeeves Pay and other essential product offerings in key Latin American markets.
Dileep Thazhmon, the founder and CEO of Jeeves, expressed his enthusiasm for the new partnership with CIM, emphasizing their shared vision of empowering businesses in Latin America to succeed both locally and globally. He noted, “This financing enables us to significantly enhance our capabilities in the region and strengthen our relationships with our customers.”
Jeeves Pay facilitates seamless cross-border payments from Mexico, Colombia, and Brazil to numerous countries, including China and the USA, utilizing popular local networks such as SPEI, SWIFT, and PIX, without incurring transaction fees.
This flexibility has garnered substantial traction among Latin American enterprises, leading to a notable surge in payment volumes, exceeding 150% year-to-date. The Brazilian market, in particular, exhibits significant demand for accessible credit options among businesses.
In response to this demand, Jeeves is excited to introduce Jeeves Pay to Brazilian businesses, along with a BRL account for receiving and managing funds, thereby offering tailored credit options to its customers.
Jacob Haar, Managing Partner of CIM, highlighted their focus on supporting innovative financial solutions that drive business growth and economic development. He stated, “Our collaboration with Jeeves represents an exciting opportunity to enhance the financial infrastructure in Latin America, especially in Brazil, Colombia, and Mexico, where Jeeves has the potential to make a substantial impact.”
This strategic financing will reinforce Jeeves’ market presence in Latin America, with the aim of expanding its reach and deepening its impact on enterprises and medium-sized businesses in Mexico, Colombia, and Brazil.
Since its inception in 2021, Jeeves has experienced significant growth, previously securing substantial investments to fuel its expansion journey.
Source: fintech.global
