- Jeeves and Mastercard launch new business card that addresses expense management in Mexico.
- The card allows Mexican businesses with a global workforce to pay in the currencies of any country where Mastercard operates.
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The News: Spend management startup Jeeves has taken on Mastercard to launch physical and virtual business cards in Mexico that allow businesses to pay in currencies of any country where Mastercard operates, according to a press release . The card, designed for startups and businesses operating in multiple countries, has no fees and allows users to earn up to 4% cash back.
Learn more about Jeeves: The startup describes itself as a cross-border and cross-border expense management company.
Jeeves provides a platform for businesses to consolidate and manage their business expenses in various markets. Since its launch last year, it has supported more than 1,000 companies in Latin America, Canada and Europe. He just closed a $ 57million Series B round table, which boosted its valuation to $ 500 million.
Why it’s worth watching: Expense management can be an expensive and complicated process for businesses.
And at the age of remote work, when it’s not uncommon for a company’s workforce to span multiple countries, the process can be even more difficult as it typically requires third-party payment systems to manage spending in local markets. Perhaps this is why 36% of businesses in the UK and US said they plan to improve their spend management and spend controls, according to a recent report from PYMNTS, creating a market for solutions like Jeeves’s.
The big point to remember: the card offering opens up growth opportunities for Jeeves and Mastercard.
Jeeves can use its partnership with Mastercard to better serve Mexican businesses as they go digital.
- Although the money is always the prefer payment method in Mexico, many companies adopted digital payments during the pandemic. Jeeves’ Mastercard offering can help businesses improve expense tracking for remote workers and general business travel on a single platform, reducing their reliance on third-party vendors.
- The solution might appeal to businesses as it allows them to better manage their cash flow and also reduces employee repayment time, which can increase employee satisfaction and retention.
And Mastercard can strengthen its presence in Latin America.
- The region accounted for about 6% of Mastercard’s gross dollar volume across all of its global card programs in the third quarter of 2021. And with the use of cash expected to fall 36% between 2020 and 2024 in Latin America, by Worldpay, Mastercard could experience even greater growth, especially if it decides to expand its partnership with Jeeves to other Latin American markets.
- Mastercard also recently acquired Mexico-based bill and real-time payment provider Arcus is strengthening its interest in the market.
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