What do you know about a tech startup called Jeeves? If you're like most people, you know that there are a lot of companies that share this name, but there is only one tech startup that is doing things on this level. In short, the company is creating a system of global currency for businesses, eliminating the need to have bank accounts in multiple countries or to do business using different types of currency. Aside from that, there are more things that you need to know about the company that is literally changing the way the business is done. Below are 20 of the most interesting or most important things about the unique company that sees big business in a different way.
1. They are a relatively new company that is making waves
This company only went public in June of this year. That certainly doesn't change the fact that they are making big waves in the business world, nor does it mean that they haven't already experienced an enormous amount of success. In fact, it's rather rare to see a company that manages to take the world by storm at this level in such a short amount of time, even when you're talking about a tech startup such as this one. That fact alone should tell you that they are something special.
2. People are lining up to invest in the company
It's true that investors are lining up to hand their money over to Jeeves. They had their first round of fundraising announced in May of this year. That round was completed by the end of June and exceeded their expectations by several million dollars. Even more impressively, investors were lining up to give them money for their second round of fundraising before the first one was even officially completed.
3. The company decided to go with the investors
Normally, the company would not have decided to do a second round of fundraising so quickly after the first was completed. However, knowing that they had so many investors lining up to hand over their cold, hard cash changed their minds for them. In the end, they made the decision to go ahead and hold the second round of fundraising as opposed to waiting. It's worth noting that their second round achieved an even higher level than the first round, almost three times as much to be exact. While their first round of fundraising netted roughly $50 million, the second round got them close to $140 million.
4. It marks one of the few times that investors have approached a company
This marks one of the very few times that investors have actually approached a company with an interest in investing as opposed to things happening the other way around. Typically, startups are constantly seeking out investors, often doing pitches at all hours of the day in an attempt to get some funding. It's almost unheard of that investors approach a company with the desire to give them money when they haven't even been asked to do so yet.
5. The company operates on a digital basis
One of the things that helps this company succeed is the fact that its run entirely on a digital basis. They don't rely on offices that have to be scattered in different locations throughout the world. Instead, everything can be operated by using a laptop and having access to the internet. It really is the perfect example of streamlining a business in the most efficient manner possible.
6. They had to develop their own system
In order to do business, the company had to develop their own system. The end result was a proprietary banking system that allows them to act like a bank, while simultaneously being a tech startup. For some time, people didn't really know where to classify them. Were they a financial company or technical company? Eventually, they were classified as a financial tech company, something that perfectly describes what they do.
7. They extend funding to their clients
The reason that they use a proprietary banking system is because they themselves are the ones extending funds to their clients. These funds have a lot riding on them. Companies get what amounts to a digital credit card that gives them the ability to do business across borders without worrying about individual currencies. They also get a lot of additional benefits, something that Jeeves had to initially negotiate with their own investors.
8. The benefits they provide to their clients are more than competitive
Speaking of benefits, the ones that they provide to their clients are more than competitive. For starters, there is no other company in the world doing what this particular company is currently doing. Furthermore, the benefits that are provided are typically far more lenient than when dealing with a major bank. In fact, the banks are often far more restrictive. One of the major benefits of doing business with this company includes the flexibility that comes with having a digital credit card that knows no boundaries, one that allows businesses to function from one country to the next as if there were no borders and no differences in currency to begin with.
9. Customers can get a approved in minutes
Another major benefit associated with doing business with Jeeves is that their customers can get approved in a matter of minutes. It doesn’t involve some long, drawn-out process that takes days or even weeks. Since the company has a number of private investors and they are backing their consumers on their own, there is no need for lengthy bank approvals. It's all handled in-house, speeding up the entire approval process considerably.
10. Once approved, they have unfettered access to cash
Once a business has been approved to use the digital credit card, they basically have unabashed access to cash for the next 30 days. As long as they abide by the terms and limits that are set forth in their individual contract, there are very few limits on what they can and cannot do. The only limits that might come into play thereafter would involve those associated with failing to make their payments in a timely fashion. As long as the business in question holds up their end of the contract, it is an arrangement that can continue on indefinitely.
11. They also give cash back
Businesses also have the chance to get in on 4% cash back for everything that they charge. In short, it's an effective way for them to save a little bit of money in addition to giving them access to cash flow that they might not have otherwise had.
12. Customers have access to everything through a single app
When a customer starts doing business with Jeeves, they download a single app on their phone and have access to everything that they need right there. There is no need to travel to a physical location in order to get approved for additional funds or to pay back those funds. It's all handled on the app. It really does allow businesses to operate with a level of ease that has never been possible before, opening up the door for more businesses to operate on a truly global scale.
13. They can even pay back funds in local currency so there are no fees
When businesses are ready to pay back their borrowed funds, they are allowed to pay them back in whichever local currency they borrowed those particular funds in. The idea is to allow them to avoid paying additional fees related to currency exchange fees. For example, a company that has borrowed money in the United States can pay those funds back in dollars while simultaneously borrowing money in the United Kingdom and then paying that outstanding balance back in pounds. Depending on the amount of money that has been borrowed, it can potentially save them a great deal of money by avoiding currency exchange fees.
14. It’s like having a credit card that can go anywhere and do anything
The entire purpose of designing this digital card was to give entrepreneurs something that acted like a traditional credit card, with one major exception- the funds can be used to pay for anything, anywhere, anytime. When startups get traditional credit cards, those cards can only be used in the traditional sense, meaning that a card issued in the United States may or may not be accepted in other countries. If it is, there will be currency exchange fees associated with everything that is purchased. The truth is, it could end up costing a startup so much money that it could mean the difference between success and failure.
15. They make it easier for entrepreneurs to do business
At the end of the day, Jeeves makes it easier for entrepreneurs to do business because they make it easier to get access to much-needed funds. It isn't always easy for entrepreneurs to get a traditional credit card. In fact, it can sometimes feel like it's almost impossible to do so. Jeeves changes all of that by understanding what entrepreneurs have to go through to succeed and providing the funds that are needed when traditional banks and credit card companies wouldn't go anywhere near a particular project.
16. They also offer additional services
While they offer capital to entrepreneurs who are just starting out, they also provide comprehensive services to help them better manage all of their expenses across the board. The idea is to help the entrepreneurs succeed, not just loan them a bunch of cash that they are then unable to pay back, as doing so would virtually guarantee that they would ultimately fail.
17. They have safety as their number one priority
Obviously, there is a need for increased safety and cybersecurity when dealing with this much money, especially when everything is done through a digital platform. It's something that the individuals at Jeeves recognized straightaway. As such, it is something that they have focused on from day one.
18. They have a few employees scattered around the globe
This is a company that operates with very few employees, especially given the scope of what they're doing. As a matter of fact, they only have between 50 and 100 employees at the current time. When you consider the amount of money that is being dealt with here, almost $200 million, and the type of business that they are involved in, this seems like a skeleton crew, to say the least. Thankfully, everything is handled online so it isn't really difficult to do the seemingly impossible with very few people on board. There is a practical reason that they only have a few people working for them. It reduces their own overhead, meaning that they can focus more on funneling capital to their clients as opposed to using it for things like operating expenses and payroll.
19. Many of those employees are located in New York City
While they are quick to point out that they are a digital company that does everything online, many of their employees are based in New York City. The company had to announce a physical location where it would technically be based. The fact that they have so many employees based there eventually caused them to ultimately choose New York City as that location. That said, it has absolutely no bearing on the type of business they do or where they do it.
20. Technically, they were founded back in 2019
While they only went public this past June, it isn't like the company didn't exist before then. In fact, they have been working diligently behind the scenes since February of 2019 in order to make things successful when they did decide to go public. Clearly, their hard work has paid off, as they appear to be well on their way to accomplishing things that have never before been done in business.
Written by Allen Lee
Read more posts by Allen Lee