Global FinTech, Jeeves, and Mastercard join forces to offer physical and virtual cards for Mexican businesses
By Edlyn Cardoza
Mexico is one of the fastest-growing economies globally, yet local businesses still struggle to access credit without exorbitant fees and tedious paperwork. Mastercard, the world’s leading payments company, and Jeeves, the preferred financial partner for Mexican businesses, have partnered together to solve this issue by launching the first physical card that allows companies to pay in any local currency from all countries Mastercard currently operates.
“The startup ecosystem in Mexico and all of Latin America is thriving. As founders ourselves, we understand their needs, which is why it is important that we offer this card to them now. In addition to no fees and up to 4% cashback, our cards provide the flexibility and security LATAM startups are hungry for,” says Dileep Thazhmon, CEO and founder of Jeeves.
Jeeves is the first and only expense management and business banking company in Mexico that is a fully approved Mastercard Principal Member with both physical and virtual cards. Jeeves cardholders can benefit from no fees, unlimited virtual cards, and up to 4% cashback. Since its launch in January 2021, the company has successfully onboarded over 700 businesses in Mexico, including Runa, Moons, Bitso, Kavak, Jüsto, etc.
Kavak, one of the fastest-growing Mexican startups, has been using Jeeves card during the last year. Carlos García Ottati highlights its benefits: “Jeeves makes everything faster. Kavak is growing exponentially. We need a partner that understands and fulfills our needs. Thanks to Jeeves card and expense platform we can operate cross border seamlessly.”
“Thanks to Jeeves, we can grow our business without worrying about the logistics of expenses and payments. Each of our team members has access to their own cards and is tailored to their specific needs. When we travel – Jeeves makes it easy. You can pay in any currency and link it to the bank account you prefer. Our finance team loves it. No other company lets you go global so easily and quickly,” says Alexander Clapp, Moons COO and co-founder.
“In recent years, we have seen an exponential growth of the fintech ecosystem in the market. We are very excited about this alliance with Jeeves. Through these collaborations, we can contribute to a fast digital transformation that provides startups with the products that directly align with their needs and facilitate access to financial services,” assured Pablo Cuarón, Director of New Payments Flows at Mastercard México.
Unlike traditional financial service providers, Jeeves approves credit cards in record time and with no personal guarantees. This allows companies to operate immediately with the support, strength, and network of Mastercard.
The partnership allows Jeeves cardholders to use their cards in all countries where Mastercard currently operates, allowing companies to pay in local currency, including Mexican Pesos, Colombian Pesos, USD, and GBP, with 30 days of credit.
The partnership comes off the heels of two successful funding rounds backed by some of the most prestigious investors in Silicon Valley, including Andreessen Horowitz (a16z), Y Combinator, and CRV, raising a total of over $188 million.
Recently, IBS Intelligence reported that Marqeta, the global modern card issuing platform, Mastercard, a leader in global payments, and Paycast (an SPG Company), the marketplace payment engine, announced a collaborative partnership to power and launch a digital card product to offer faster and more convenient ways for marketplace sellers to get paid and do business.
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