Mastercard has united with Jeeves, in a bid to boost the growing economy of Mexico with the launch of a card that enables firms to pay in a variety of currencies.
It comes as the region’s economy continues growth, however, is hindered by a lack of seamlessness when it comes to cross border payments.
Dileep Thazhmon, CEO and founder of Jeeves commented: “The startup ecosystem in Mexico and all of Latin America is thriving. As founders ourselves, we understand their needs, which is why it is important that we offer this card to them now. In addition to no fees and up to 4% cashback, our cards provide the flexibility and security LATAM startups are hungry for.”
As part of the collaboration, Jeeves cardholders can benefit from no fees and unlimited virtual cards. Furthermore, following its launch in January 2021, the company has successfully onboarded over 700 businesses in Mexico, including Runa, Moons, Bitso, Kavak andJüsto.
Kavak has been utilising Jeeves card offering throughout the last year, and the firm’s Carlos García Ottati highlighted its benefits: “Jeeves makes everything faster. Kavak is growing exponentially. We need a partner that understands and fulfills our needs. Thanks to Jeeves card and expense platform we can operate cross border seamlessly.”
The partnership allows Jeeves cardholders to use their cards in all countries where Mastercard currently operates, allowing companies to pay in local currency including Mexican Pesos, Colombian Pesos, USD, and GBP, with 30 days of credit.
“In recent years, we have seen an exponential growth of the fintech ecosystem in the market. We are very excited about this alliance with Jeeves. Through these collaborations, we can contribute to a fast digital transformation that provides startups with the products that directly align with their needs and facilitate access to financial services,” assured Pablo Cuarón, Director of New Payments Flows at Mastercard México.