Jeeves raises $110 million to expand stablecoin banking platform

Jeeves, a fintech specializing in stablecoin-native banking and corporate expense management, has raised $110 million in an equity funding round led by CoinFund. Other participants include AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, Y Combinator, and GIC.

The company is using the capital to scale its platform and launch a new cryptocurrency wallet capable of making payouts across 190 countries. Jeeves reports that its stablecoin-settled volume has grown to $1.5 billion annualized, up from nearly zero eight months ago. The firm's total platform volume has surpassed $5 billion annualized.

In addition to the wallet, Jeeves is introducing an AI-powered global expense tracker and an accounts receivable module. The company is also expanding its stablecoin card services from 25 to 35 countries, including new markets in Central and South America such as Argentina, Peru, and Uruguay, as well as opening an office in Madrid.