Mendel, a Mexico-based B2B corporate spend management company, has raised $60m in equity and debt financing.
The capital came from Industry Ventures, Infinity Ventures and Victory Park Capital. Existing investors ALLVP and BTV, also participated.
Mendel first launched its operations in Mexico in 2021 after raising $35m in Series A funding from Infinity Ventures and ALLVP.
Founded in 2020, Mendel provides a corporate expense management platform that enables businesses to keep track of employee business spending. The firm offers unlimited issuing of both physical and corporate cards as well as a credit line to finance business expenses and invoice tracking features.
Mendel’s vision is to return agility to the corporate segment so that it simplifies its expense reporting processes and saves two of the most important resources in any organisation: time and money.
According to Mendel, the role of CFO’s and strategic financial decisions have become increasingly dynamic in the last decade, but management of data and digital tools have not evolved at the same pace.
Mendel will use the capital to “double down” in growth and speed up the development of its corporate spend management platform in the Mexican market.
Alan Karpovsky, co-CEO and co-founder of Mendel, said, “The trend shows an evident demand for modernising financial operations and management. At Mendel we continue to invest heavily on innovating even from something as simple as retrieving an invoice with a picture from your smartphone. We are very grateful for this vote of confidence from our investors, which will allow Mendel to continue driving the evolution of corporate spending in Mexico”.
Mario Ruiz, co-founder and Partner at Infinity Ventures, added, “we believe that Mendel is building the best-in-class software and financial stack for large enterprises in LATAM. In a market ripe for adoption, Mendel is leading the way in building cutting-edge technology for CFO teams. We’re proud to continue to support Mendel in their journey to revolutionize the corporate spending category.”
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