Jeeves secures $75m financing to expand LatAm footprint

By Delisha Fernandes

Jeeves, the B2B payments and corporate card platform for businesses in Latin America, has closed a $75 million credit facility with Community Investment Management (“CIM”).

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.

With the new credit facility from CIM, the company will double down on expanding Jeeves Pay and other key product offerings in strategic Latin American markets. Dileep Thazhmon, founder and CEO of Jeeves, stated, “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.”

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 partnership with CIM validates the B2B payments and corporate card platform’ 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.”

Through collaboration with CIM, the B2B payments and corporate card platform aims to expand its reach and deepen its impact on enterprises and medium-sized businesses in Mexico, Colombia, and Brazil.