Latin America’s Mendel Raises $35M Series B to Revolutionize AI-Powered Spend Management
Mendel, a leading enterprise spend management platform in Latin America, has recently raised $35 million in a Series B funding round, demonstrating the growing demand for innovative financial solutions in the region. This funding will empower the company to enhance its offerings and expand its market presence.
Funding Details and Key Investors
The Series B funding round was spearheaded by Base10 Partners and included participation from PayPal Ventures, alongside existing investors such as Infinity Ventures, Industry Ventures, Hi.vc, and Endeavor Catalyst.
Mendel’s Unique Approach to Spend Management
Based in Mexico, Mendel stands out in the competitive landscape by offering a software-first approach that enables businesses to efficiently manage expenses, payments, and corporate travel. Unlike many competitors that depend on interchange revenue or lending models, Mendel’s model focuses on generating recurring SaaS fees.
Planned Enhancements and Geographic Expansion
With the newly acquired funding, Mendel aims to:
- Accelerate the development of its AI-driven capabilities, particularly in its corporate travel module, Mendel Viajes.
- Expand its operations to Chile, Colombia, and Peru by 2025, followed by Brazil in 2026.
- Scale its team by hiring top talent for product innovation and AI research.
Current Market Presence and Clientele
Mendel has established a solid presence in Mexico and Argentina, catering to major enterprises such as Mercado Libre, FEMSA, and McDonald’s. The increasing demand for integrated travel and expense management solutions highlights the necessity for businesses to streamline financial operations with greater automation and real-time visibility.
Statements from Leadership
Alan Karpovsky, co-founder and co-CEO of Mendel, expressed that, “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, a partner at Base10 Partners, added, “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.”
Ian Cox from PayPal Ventures noted, “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.”
Future Prospects for Mendel
Mendel’s latest funding round follows a period of significant growth, as the company aims to solidify its position as the premier spend management platform in Latin America. For more information on Mendel and its offerings, visit their official website at Mendel or check out related articles on Forbes Fintech.
