Mendel Secures $35 Million for LatAm Spend Management Expansion

Mendel, a Mexico City-based enterprise spend management platform, has raised $35 million in a Series B funding round led by Base10 Partners, with participation from PayPal Ventures and other investors. The company aims to use the new capital to enhance its AI capabilities and expand into additional Latin American countries, including Chile, Colombia, Peru, and Brazil by 2026. Mendel's platform integrates expense management, payments, and corporate travel, helping businesses manage budgets and expenses in real time. Co-CEO Alan Karpovsky emphasized the company's commitment to automating operations for CFOs and providing them with greater visibility and control over corporate spending. Since launching, Mendel has raised a total of $60 million in equity funding and $50 million in debt, with significant growth in its annual recurring revenue. The company services notable clients like Mercado Libre and McDonald's, and is expected to reach profitability by late 2025.