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Mexico Based Mendel Raises 35 Million Series B to Scale Enterprise Finance Solutions

Prime Highlights:

  • Mexico City-headquartered corporate spend management software platform Mendel raised $35 million in a Series B funding round.
  • The round was joined by Base10 Partners as well as PayPal Ventures and Endeavor Catalyst.

Key Facts:

  • Founded in 2021, Mendel has so far raised $60 million in equity and $50 million of credit facilities.
  • The platform provides expense management, payments, and corporate travel solution to Latin American businesses under one roof.

Key Background:

Launched early in 2021 by Alejandro Zecler and Alan Karpovsky, Mendel subsequently introduced Chief Technology Officer Gonzalo Castiglione and Chief Product Officer Helena Polyblank. Mendel will simplify corporate expense management by making once-manual financial processes more convenient.

Mendel’s platform offers live monitoring and control over costs such as employee expenses, vendor payable, and business travel bookings. The company had already graduated from Y Combinator’s Winter 2021 batch prior to this Series B round and raised $15 million in a Series A round in December 2021, along with $20 million of debt capital.

The latest $35 million Series B funding came at the helm of Base10 Partners, with new investors such as PayPal Ventures and Endeavor Catalyst, and existing ones such as Infinity Ventures, Industry Ventures, and Hi.vc. This is in addition to a total of $60 million equity and $50 million worth of credit facilities.

What distinguishes Mendel is the fact that it targets large business enterprises with multi-entity, multi-currency, and extended ERP implementations. Its revenues sources include SaaS-based subscription (50%), and the remaining portion from interchange fee on corporate cards and transactional revenue on bill payment products. Its business model differs from those of its competitors that have interchange-revenue-only or lending propositions.

Mendel is based in Mexico and Argentina and has approximately 500 customers, such as McDonald’s, Mercado Libre, Adecco, and FEMSA. Mendel employs 80 people and will be relocating geographically and into new services following its experience of the Latin American tax and regulatory environment.