Mexican spend management start-up Mendel lands $35m in new funding
Mexico City-based fintech Mendel has secured $35 million in funding, consisting of a $15 million Series A round and $20 million in debt financing.
Mendel was founded in 2020
The Series A was co-led by ALLVP, a Mexican investment fund, and Infinity Ventures, a US fund founded by former PayPal execs Jeremy Jonker, Jay Ganatra and Mario Ruiz.
Better Tomorrow Ventures, which led the company’s seed round, also participated, along with a number of angel investors.
The start-up says the investment will be used to accelerate its growth in Mexico and across the rest of Latin America and to further develop its product.
Mendel provides a corporate expense management platform that allows companies to keep track of employee business spending.
It offers unlimited issuing of physical and virtual corporate cards, a credit line to finance business expenses, and budgeting and invoice tracking features.
The company was founded in 2020 by Alan Karpovsky and Alejandro Zecler. It claims to have doubled its transaction volumes in less than a year and now boasts more than 150 clients, including Telmex, Mercado Libre, and Petco.
