Mexico City-based spend management platform Mendel has
closed a $35 million funding round, which the company plans to use to invest in
technology, expand its footprint and grow its team.
San Francisco-based venture capital fund Base10 Partners led
the series B funding round, with PayPal's corporate venture arm PayPal Ventures
and Endeavor Catalyst also participating alongside existing investors Infinity
Ventures and Industry Ventures. The latter two were part of a $60 million
funding round announced in 2022.
Mendel last year launched
an online booking tool and travel module, Mendel Viajes, and the funding in
part will be used for further investment in that along with AI-powered spend
management capabilities, the company said. "This round allows us to scale
our AI capabilities and continue transforming how companies manage payments,
expenses and travel—helping them operate more efficiently while reducing costs
and complexity," Mendel cofounder and co-CEO Alan Karpovsky said in a
statement.
The company also plans to expand beyond its "dominant
market position in Mexico and Argentina," including expanding operations
in Chile, Colombia and Peru this year and Brazil in 2026. Current clients
include Mercado Libre, FEMSA and McDonald's, according to Mendel.
"Latin America is one of the most dynamic fintech
markets in the world, yet enterprise spend management remains underserved,"
PayPal Ventures partner Ian Cox said in a statement. "Mendel’s combination
of software-first pricing, deep localization, and AI-driven automation makes
them uniquely positioned to lead this space."
In addition, Mendel said the funding would help scale its
team, in particular adding talent focused on product development, go-to-market
execution and AI research.