Committed to helping startups across the UK scale, Jeeves, the financial platform for global startups, has announced the launch of Jeeves Growth in the UK at this year’s Money2020 in Amsterdam.
By combining lightning-fast underwriting capabilities, bespoke loan offers, and flexible repayment schedules, Jeeves Growth offers SMEs and startups a modern and alternative approach to revenue-based financing, with capital able to be directly transferred in many different local currencies – ideal for those looking to finance their international and local operations.
The launch of Jeeves Growth in the UK will be seen as a welcome relief for many businesses exploring funding options for their next stage of growth. According to a May SBI study, the number of successful finance applications dramatically fell over the first quarter of this year, with only 43% of loans being approved in this timeframe.
This, coupled with soaring inflation, increasing supply chain costs, and continuous challenges brought about by geopolitical and economic uncertainty – has highlighted how the cost of running a business is rising, meaning access to capital is paramount to survive and thrive in such economically turbulent times. Recent funding halts, layoffs, and general uncertainty in the startup landscape is also pushing high growth startups to look for alternative financing, a space in which Jeeves can be their champion.
Equipped with fast underwriting capabilities, Jeeves Growth provides startups with capital in less than 24 hours after applying for a loan. Unlike other debt-based lenders, Jeeves enables companies to get immediate access to finance – beginning at $50,000, with no warrants, covenants or personal guarantee required during the application process. Jeeves’ combination of fast, scalable, and flexible financing has been incredibly successful in LATAM with hundreds of loans given in a few short months. Now, the company is hoping to see the same success for UK companies.
Jeeves Growth is an additional offering to the fintech’s all-in-one management platform which helps global startups have control and visibility of financial operations such as expenses, and payments, including cross-border as well as offering corporate cards (both physical and virtual). It achieved unicron status in its latest funding round – valuing the company at over $2.1bn in less than 12 months since raising their Series A from Andreessen Horowitz.
“It’s clear that traditional methods of finance are no longer fit to meet the needs of modern startups. Many of the UK’s most innovative and exciting start-ups have experienced the same struggle of accessing finance in order to grow their business”, comments Matthieu Hafemeister, Head of Growth at Jeeves.
“We know that if these businesses are to thrive, they need fast and flexible alternative financing, and they should not be limited to the options offered by traditional players in this space. What’s more, as the current financing environment for start-ups has cooled dramatically since 2021, by expanding the geographical footprint of Jeeves Growth, we hope to give UK startups the most seamless way to extend their runway and continue scaling.”
Jeeves Growth already has a track record of providing entrepreneurs capital they need to power their businesses. Across the world, startups such as Moons and Worky are just two of the over 500 enterprises that have benefitted from Jeeves Growth, with our current customers on average taking multiple loans with Jeeves as they scale up. With a foundation of global success, Jeeves is ready to take on the UK and the rich ecosystem of startups it contains.
Commenting on the success Jeeves Growth has had in their market, Maya Dadoo, CEO at Worky, the Mexico-based HR software platform that uses Jeeves Growth said: “Getting access to debt financing is one of the most time-consuming processes to go through. We wanted to leverage our recurrent revenue model and use the advance cash to increase our marketing spend. Jeeves wired me money for my contracts in days, no fine print, and I was able to keep scaling the business without distractions. Oh, and I gave up no dilution!”