Learn more about how Jeeves is driving a new credit and financing model focused on helping startups and SMEs to grow together with Belvo.
Credit and financing play vital roles in the birth, development and growth of enterprises in any sector. However, access to credit is limited in regions such as Latin America, where interest rates in the credit market are too high, high collateral amounts are required, there is little willingness of the banking sector to provide credit and there is a lack of credit history of companies. These are the main barriers for startups and SMEs to consolidate.
One of the trends is to start looking for alternative methods of financing. And the fintech sector is one of the main options that exist in the market, where more and more companies can provide loans digitally, provide infrastructure for financial services and provide tailored financial solutions to companies.
Jeeves and its great commitment to boosting startups and SMEs
Jeeves was created under this perspective, a complete financial platform that provides access to financing through corporate cards (physical and digital), in addition to allowing payments, even to suppliers that do not accept credit cards or cash, in different markets in local currency. In addition, they have a platform that provides the ability to organize corporate finances, consolidate expenses, set spending limits and assign roles in real time.
Recently, the company launched Jeeves Growth, a product to finance a company without having to go to venture capital or wait several days for the bank to analyze and respond. Based on the data they already have on the use of the company’s card and the recurring income of customers, as well as the contracts already planned, in less than 24 hours they can receive funds for greater liquidity.
Jeeves currently has operations in Mexico, Canada, the United States, Colombia, Chile, the European Union and the United Kingdom, and is preparing to launch its products in Brazil and Peru. It received a $57 million Series B investment round in 2021, as well as $100 million in debt financing.
A model that is being consolidated with the help of open banking.
One of Jeeves’ main differentiators is undoubtedly its technology. It is one of the few companies in this industry that has its own infrastructure, which allows it to have a greater reach (international presence), create totally new and innovative products, and have its own risk model that helps it to authorize a greater number of loans.
To make these risk models more efficient, Jeeves relies on Belvo’s open banking products. Through our banking and fiscal data aggregation solutions, Jeeves can now access more financial information about the companies that require its services.
With the banking data, Jeeves can know all the details about the accounts that its clients have with financial institutions, as well as know the total balance and its evolution in real time. On the other hand, with the data extracted from the SAT with our Fiscal product, Jeeves knows in a complete way the tax situation of its potential clients.
With all this information, Jeeves now has a greater number of components to feed its risk and credit scoring models and offer credit and financing to all the companies that need it, generating growth and sustainable financial inclusion for the entire region.
If you want to know how our products can help you offer more credit and less time, contact us and someone from our team will get in touch.