Stabledash Live · · 24 min
$110M Raised to Scale the Enterprise Finance Platform Burger King and H&M Use
With 
Dileep Thazhmon, Jeeves
Key takeaways
Jeeves announced a $110 million equity round led by CoinFund, its first round with stablecoin and crypto investors, including Coinbase Ventures and Wintermute.
Jeeves runs card operations in 35 countries after adding 10 new ones, and makes payments to about 190 countries.
Dileep Thazhmon says he will give up revenue to protect customer trust, and that the passage of the GENIUS Act is what made it acceptable to add stablecoin.
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Summary
Jeeves brings in its first crypto investors and adds stablecoin to an enterprise finance stack it says it built for trust first.
Jeeves has announced a $110 million equity round led by CoinFund. The company describes its product as a stablecoin-native financial operating system for enterprises. It is the company's first round with stablecoin and crypto investors, and Coinbase Ventures and Wintermute also took part.
Cards and payments footprint
Jeeves has card operations in 35 countries and announced 10 new ones on the day of the interview, so a company can issue employee cards in Brazil, Colombia, Mexico and the US together. Dileep Thazhmon says Jeeves also makes payments to about 190 countries directly.
“You have to meet them where they are. You have to make that choice of, like, I'm gonna trade company revenue for the trust because if one of this trust breaks, that's much more impactful than us earning $8,000,000 or whatever the number is.”
Dileep ThazhmonOwning the stack
Dileep Thazhmon says the ledger, KYB and processor run on Jeeves' own stack and are its core IP. When the company moves from Mexico to Colombia, the only part it has to switch is the card BIN. He says getting statement issuance right took about eighteen months, and Jeeves now does it across 25 countries.
He says Jeeves goes deep on the regulatory and license stack, and that it will become a deposit-taking bank in Brazil at the end of this year.
Why stablecoin now
Dileep Thazhmon says the passage of the GENIUS Act is what made it "kosher" to add stablecoin to the Jeeves stack. In his view, enterprises adopt stablecoin for the outcome and because they trust the provider, not for the technology. He compares it to how nobody pitched ACH payments fifteen years ago. They just pitched making a payment.
He says the two biggest stablecoin corridors are LatAm and Southeast Asia. He also predicts that agents will use programmable money, and that a BRL-backed stablecoin could put that at the front of an agentic economy.
Trust over revenue
Dileep Thazhmon says the company would rather give up revenue than risk customer trust, because a break in trust matters more than earning $8,000,000. He advises founders to fall in love with the process of building, because otherwise the work is too exhausting to reach the outcome.
Taken together, the new round and the Brazil banking plan reflect the approach Dileep Thazhmon lays out: own the infrastructure and the licenses first, then add stablecoin as a rail that customers see only through the outcome it gives them.
Rain, CoinFund, Burger King, and Coinbase Ventures come up most.
- People
- Dileep Thazhmon
- David Marcus
- Drew Rogers
- Zach Fowler
- Companies
- Jeeves
- Rain
- CoinFund
- Burger King
- Coinbase Ventures
- Mastercard
- Wintermute
- American Express
- BMW
- Brex
- Lightspark
- Lululemon
- Revolut
- Rocket Money
- Paradigm
- Visa Ventures
- H&M
Ask AI about this conversation
Jeeves is an all-in-one financial platform for global enterprises, offering corporate cards, accounts payable automation, cross-border payments, expense management, and multi-currency cash accounts.
