Mendel, a Latin American enterprise spend management platform, has secured $35m in a Series B funding round led by Base10 Partners.
The round also saw participation from PayPal Ventures, as well as existing investors Infinity Ventures, Industry Ventures, Hi.vc, and Endeavor Catalyst.
The Mexico-based company provides a comprehensive platform for large enterprises to manage expenses, payments, and corporate travel. Unlike competitors that rely on interchange revenue or lending-based models, Mendel differentiates itself with a software-first approach, allowing it to generate recurring SaaS fees.
With the fresh funding, Mendel plans to accelerate the development of its AI-driven capabilities, particularly in its corporate travel module, Mendel Viajes. The company will also expand geographically, with plans to enter Chile, Colombia, and Peru in 2025, followed by Brazil in 2026. Additionally, the capital will be used to scale its team, hiring top talent to drive product innovation and AI research.
Mendel already has a strong presence in Mexico and Argentina, serving major enterprises such as Mercado Libre, FEMSA, and McDonald’s. The demand for integrated travel and expense management solutions is increasing as companies seek to streamline financial operations with greater automation and real-time visibility.
Alan Karpovsky, co-founder & co-CEO of Mendel, 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.”
Jason Kong, partner at Base10 Partners, said, “Mendel is revolutionizing corporate spend management in Latin America by delivering an enterprise-grade, AI-first platform that eliminates inefficiencies and modernizes the financial stack for businesses. We are excited to support Alan, Alejandro, and the team as they scale across the region and establish Mendel as the dominant player in enterprise finance.”
Ian Cox, partner at PayPal Ventures, added, “Latin America is one of the most dynamic fintech markets in the world, yet enterprise spend management remains underserved. Mendel’s combination of software-first pricing, deep localization, and AI-driven automation makes them uniquely positioned to lead this space.”
Mendel’s latest funding round follows a period of significant growth as it looks to establish itself as the go-to spend management platform in Latin America.
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