Mexican fintech start-up Mendel bags $60m in fresh funding
B2B spend management start-up Mendel has landed $60 million in capital and debt funding from existing backer Industry Ventures and new investors Infinity Ventures and Victory Park Capital.
Mendel raises $60m
Other existing investors ALLVP and BTV also took part in the funding round.
With the fresh funds, Mendel plans to accelerate the development of its corporate expense management platform and boost its growth in the Mexican market.
Mendel was founded in 2021 in Mexico City as a B2B platform for large corporations to help them digitise their finances. The firm allows clients to issue virtual and physical corporate cards and also provides credit lines for business operations as well as budgeting and invoice tracking features.
Last year, the company raised $35 million in funding, consisting of a $15 million Series A round and $20 million in debt financing.
Mendel says the role of chief financial officers (CFOs) has become “increasingly strategic” in recent years, but “data management and digital tools have not evolved at the same time”.
“Today, CFOs must make use of various disintegrated solutions; therefore, unifying them is key to the future of efficient financial management.”
