MEXICO CITY, Nov. 26, 2021 /PRNewswire/ -- Mexico is one of the fastest-growing economies
in the world, yet its 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.
About Jeeves
Jeeves is an all-in-one expense management platform for startups
in global markets including Mexico, Colombia, Chile, Canada, UK and Europe. Cash, corporate cards with up to
4% cash back, and cross border payments all run on the Jeeves
proprietary infrastructure which allows companies to spin up their
finance function within minutes. Jeeves can handle multiple
currencies for payback. More than 1000 global companies trust
Jeeves with their financial payment stack. Jeeves has raised
$188 Million from Andreessen
Horowitz, Y Combinator, CRV, Tencent
and Silicon Valley Bank to fuel its international expansion.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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SOURCE Jeeves