Brazil, July 28, 2025. Repost / Adapted from Bloomberg Linea
Fintech unicorn Jeeves is featured on Bloomberg Línea as the company intensifies its focus on Brazil. The company is transforming its local operations into an innovation hub and accelerating its ambition to become a comprehensive banking solution, according to its Global CEO Dileep Thazhmon and Brazil CEO Gustavo Gorenstein.
Jeeves Bets Big on Brazil’s Unique Market
Jeeves, a U.S.-based fintech unicorn specializing in corporate expense and payment management, has identified Brazil as its primary growth engine among its operations in over 20 countries. The company projects Brazil to become its largest market by 2026.
“The financial infrastructure in Brazil is unique. You can't simply adapt what works abroad and expect it to work here. You have to build for Brazil, which is a very large market.” Thazhmon told Bloomberg Línea during a recent visit to São Paulo. He also praised the progressive regulatory approach of Brazil’s Central Bank.
Serving around 8,000 global clients, including Burger King, H&M, Kavak, Rappi, and Hotmart, Jeeves entered Brazil in 2023 with corporate card solutions for cross-border businesses. Its offerings have since expanded to include PIX and TED payment credits, interest-bearing CDI accounts, and a new corporate travel product featuring Virtual Card Numbers (VCNs). This VCN solution, developed locally, enables travel agencies like Onfly, BeFly, and Copastur to issue customizable credit cards for corporate travel, enhancing security and reconciliation.
“For VCN, operators can send cards with the credit we designed. We help reconcile all these titles from our infrastructure, and ultimately, it's safer than using a single card to issue multiple different tickets—it's one for each ticket," said Gorenstein, who has led the Brazil operation for nearly a year after co-founding Digio and BX Blue.
“We’re not competing with travel operators; we’re serving them.”
Positioning as a Financial Powerhouse
Jeeves aims to be a one-stop financial platform, blending banking and software services to streamline corporate operations.
"There are banks and there are software providers on the other side, right? We do both. The customer doesn't have to choose or pick two different companies and have them talk to each other," said Gorenstein.
The company’s transaction volume surged 250% with the expansion of services, particularly its lending model, which allows clients to use credit card limits for PIX or boleto payments.
"We are growing with this payment product, which is almost like a short-term cash flow solution, to help our customers close the end of the month," Gorenstein said.
Jeeves is also pursuing a Direct Credit Society (SDC) license from Brazil’s Central Bank to bolster its credit operations, enabling the issuance of Credit Rights Investment Funds (FIDCs) to lower funding costs. A full banking license is critical to offering a complete service, including accounts, corporate cards, and payment solutions, Thazhmon noted.
“When we think about Brazil, the goal here is to be able to offer this complete service with a bank account, where the customer can deposit funds, obtain a corporate card, and also use the payment solutions we have," said Thazhmon.
Strategic Moves and Future Plans
Recently, Jeeves appointed Jordan Bulkoski, formerly of Brex, as Chief Revenue Officer to drive global revenue growth. The company is exploring stablecoin integration to facilitate cross-border payments, particularly for Brazilian firms. Additionally, Jeeves is eyeing acquisitions of smaller ERP companies to expand its client base and enhance its product suite.
"I think it would be very useful for companies in Brazil, especially for payments and moving money out of Brazil," he said.
With a 40% gross margin and organic growth, Jeeves plans to initiate a new fundraising round in late 2026, following its 2022 Series C round, which valued the company at $2.1 billion. Maintaining its trajectory, Jeeves is poised to solidify its position as a leading fintech powerhouse, in Brazil and beyond.
*Special Note: FoundersX backed Jeeves at its seed round.