Jeeves, the premier B2B payments and corporate card platform for businesses in Latin America, has closed a $75 million (USD) credit facility with Community Investment Management (“CIM”), a prominent global impact focused investment manager actively investing in Latin America. In addition to supporting the company’s rapid scaling, this financing will enhance Jeeves’ financial product suite in its primary Latin American markets – Brazil, Colombia, and Mexico.
Since its inception in 2021, Jeeves has quickly expanded its presence to over 20 countries, establishing itself as the preferred financial partner for thousands of global enterprises, including Burger King, H&M, Blueground, Kavak, Rappi, and many others. Over its brief history, Jeeves has introduced a broad set of products that simplify essential day-to-day financial processes, including its latest offering, Jeeves Pay.
With the new credit facility from CIM, Jeeves will double down on expanding Jeeves Pay and other key product offerings in strategic Latin American markets. Dileep Thazhmon, founder and CEO of Jeeves, expressed enthusiasm about the new partnership with CIM, stating, “We are helping our customers save time and money, and reducing the friction of operating globally. We are thrilled to partner with Community Investment Management, as we share the same mutual vision – empowering businesses in Latin America to thrive not only locally, but also globally. This financing enables us to significantly broaden our capabilities in the region and deepen our relationships with our customers.”
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Jeeves Pay enables seamless cross-border payments from Mexico, Colombia, and Brazil to dozens of countries, including China and the USA, through popular local networks such as SPEI, SWIFT, and PIX, all without transaction fees. What distinguishes Jeeves Pay is its flexibility and optionality for customers: enterprises can choose to use their own funds or Jeeves’ line of credit for each transfer, empowering them with greater control over cash flow management. When additional cash flow is required, businesses can leverage their Jeeves line of credit to access repayment terms of up to 37 days. When extra liquidity is not needed, companies can opt to use their own capital for interest-free transfers.
This flexibility has garnered significant traction among Latin American enterprises, with payment volumes surging by more than 150% year to date. Brazil presents a significant demand for accessible credit options among businesses. According to recent surveys, over 60% of Brazilian businesses identify access to credit as a major challenge for their operations. On the back of this market demand, Jeeves is excited to officially introduce Jeeves Pay to Brazilian businesses, accompanied by a BRL account for receiving and managing funds, to provide more flexible credit options tailored to our customers.
This partnership with CIM validates Jeeves’ market position while enhancing its capability to serve more local businesses with increased efficiency. “At Community Investment Management we are focused on supporting innovative financial solutions that foster business growth and economic development,” said Jacob Haar, Managing Partner of CIM. “Our collaboration with Jeeves is an exciting step towards enhancing the financial infrastructure in Latin America, particularly in Brazil, Colombia, and Mexico, where the potential for Jeeves’ impact is substantial.”
This strategic financing will bolster Jeeves’ market presence in Latin America. Through collaboration with CIM, Jeeves aims to expand its reach and deepen its impact on enterprises and medium-sized businesses in Mexico, Colombia, and Brazil.
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