Jeeves Inc., a stablecoin-focused banking platform for global enterprises, announced Tuesday it has raised $110 million in equity funding to launch a cryptocurrency wallet with payouts across 190 countries.

The crypto-focused venture capital and investment firm CoinFund led the round. Additional participants included AllianceBernstein, Andreessen Horowitz, Coinbase Ventures, CRV, GIC, Global PayTech Ventures, ParaFi, Vista, Wintermute, Y Combinator, and others.

Jeeves touts itself as a stablecoin-native banking platform, meaning it uses cryptocurrency tokens pegged to a local currency, such as United States dollars, to avoid the volatility common to other cryptocurrency tokens while keeping the benefits of rapid transactions. The company says its platform lets global enterprises save time and money by using its service to power corporate cards, accounts payable and treasury payments, spend management and agentic workflows.

“We built Jeeves as a banking platform on stablecoin rails because that’s the only way to give companies the same speed and cost structure moving money between São Paulo and Berlin that they get transacting within one country,” said founder and Chief Executive Dileep Thazhmon. “That is what a stablecoin-native banking platform for global business actually looks like.”

Current Jeeves customers include industry leaders such as BMW, H & M Hennes & Mauritz AB, Lululemon Athletica Inc. and Burger King Corp.

This funding round comes as Jeeves has surpassed $5 billion in annualized total platform volume across its card and payment products. The stablecoin market is one of the fastest-growing parts of that volume, the company said. Eight months ago, stablecoin-settled activity on the platform was effectively zero, and now it represents $1.5 billion in annualized revenue.

Jeeves began in 2019 as a traditional financial technology company, solving multi-country expense tracking and corporate card needs using traditional banking infrastructure. In late 2025, the company officially began pivoting to stablecoin-backed solutions to bypass slow, expensive traditional cross-border correspondent banking networks.

The stablecoin market is worth around $290 to $300 billion today, with Tether Holdings Ltd. and Circle Internet Group Inc. issuing most of the tokens. Valuations differ depending on what counts as a stablecoin, with Forbes putting the market cap near $292 billion and a recent TokenPost report putting it near $306 billion. A supermajority, around 98%, of all stablecoins are pegged to USD.

The company is currently expanding its stablecoin card offering from 25 to 35 countries, including Argentina, Costa Rica, the Dominican Republic, Guatemala, Panama, Peru, Paraguay and Uruguay. The expansion will cover nearly every market in Central and South America. Combined with its current coverage across North America, the United Kingdom and Europe, Jeeves will gain broader global reach.

Alongside this, the company is launching a proprietary stablecoin wallet with instant payouts in 190 countries, a global artificial intelligence spend-tracking solution and an accounts receivable module.

Image: Pixabay