Jeeves Raises $110 Million Led by CoinFund and Leaves the Valuation Out

Jeeves, the Miami corporate-card and expense company, announced a $110 million equity round led by CoinFund in a release dated September 29, and it did not state a valuation. The last priced round this reporting could source was $180 million at $2.1 billion in March 2022, so the number that would tell a reader whether this is an up round is the one missing from the announcement.

Jeeves' release names AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute and Y Combinator, among others. The release calls the round equity, so there is no debt component to discount.

The numbers the company chose to give

Instead of valuation, Jeeves published operating figures: annualized platform volume above $5 billion, up threefold year over year; revenue up fourfold in 14 months; and stablecoin volume at a $1.5 billion annualized rate, from near zero eight months earlier. Refresh Miami carries the same figures, and all of them are company-supplied.

Volume is not revenue. Stablecoin activity is at most 30 percent of the $5 billion, since $1.5 billion divided by "more than" $5 billion cannot exceed 0.3, and the take rate on that volume is not given. A fourfold revenue gain also has no base: four times a small number is still small, and no dollar figure for revenue has been published.

What the 2022 round implies for this one

PYMNTS reported in March 2022 that Tencent led a $180 million Series C at $2.1 billion, about nine months after a $57 million Series B at $500 million. That is a quadrupling in nine months. At the time, annualized gross transaction volume had crossed $1 billion, with 3,000 customers in 24 countries.

Volume is now five times the 2022 mark. If the valuation were unchanged at $2.1 billion, $110 million would be about 5.2 percent of the company. That is a hypothetical: the actual valuation is undisclosed, and it would show whether this is a flat, down or up round.

1. March 20221 $ billion
2. September 2026 (at least)5 $ billion

Source: PYMNTS (March 2022, crossed $1 billion); Jeeves release (September 2026, above $5 billion), accessed 2026-10-02

What the money is for

The company says it will launch a stablecoin wallet with payouts to 190 countries, an AI spend-tracking product and an accounts receivable module, extend its stablecoin card from 25 to 35 countries, and open a Madrid office. New card countries are Argentina, Costa Rica, the Dominican Republic, Guatemala, Panama, Peru, Paraguay and Uruguay. Named customers include BMW, H&M, Lululemon, Burger King, Kavak and XP.

CoinFund's David Pakman is quoted in the release saying Jeeves "has built a full enterprise stack that allows enterprises to run their day-to-day operations, corporate cards and invoice payments atop stablecoins." Dileep Thazhmon, Jeeves' founder and chief executive, argues stablecoin rails are the only way to give companies the same speed and cost moving money between São Paulo and Berlin as they get inside one country.

Item	Figure	Source
Round	$110 million equity, CoinFund lead	Jeeves release
Valuation	Not disclosed	n/a
Last valuation found	$2.1 billion, March 2022	PYMNTS
Stablecoin annualized volume	$1.5 billion	Jeeves release

For other rounds covered on this desk, see Hubble Network's $200 million Series C and Armadin's Series B. The next observable event is a Form D or a press report of the post-money figure; until one appears, the round is a size without a price.