Global Fintech, Jeeves, and MasterCard Join Forces to Offer Fully Locally-Issued Physical and Virtual Cards for Mexican Businesses

Rhea-AI Summary

Mastercard and Jeeves have partnered to launch a groundbreaking card for businesses in Mexico, allowing payments in various local currencies without high fees. This partnership aims to support the thriving startup ecosystem in Latin America by offering no fees and up to 4% cashback. Jeeves, as a Mastercard Principal Member, has onboarded over 700 businesses since its launch in January 2021. The initiative facilitates immediate credit card approval, enabling companies to operate smoothly on a global scale. The partnership follows successful funding rounds, raising over $188 million from notable investors.

Positive

• Partnership enables local currency payments without fees, enhancing financial access for Mexican businesses.
• Jeeves offers up to 4% cashback and unlimited virtual cards, attracting over 700 businesses since January 2021.
• Immediate credit card approval without personal guarantees increases operational efficiency for startups.
• Successful funding rounds raised over $188 million, strengthening Jeeves' financial position.

Negative

• None.

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

FAQ

What is the new partnership between Mastercard and Jeeves about?

Mastercard and Jeeves have partnered to launch the first card allowing businesses in Mexico to pay in local currencies without fees.

How many businesses has Jeeves onboarded since its launch?

Jeeves has successfully onboarded over 700 businesses in Mexico since its launch in January 2021.

What benefits does the Jeeves card offer to Mexican businesses?

The Jeeves card offers no fees, up to 4% cashback, and unlimited virtual cards.

How much funding has Jeeves raised from investors?

Jeeves has raised over $188 million from prestigious investors including Andreessen Horowitz and Y Combinator.

When was the partnership between Mastercard and Jeeves announced?

The partnership was announced on November 26, 2021.