B2B spend management startup Mendel has successfully closed a $35 million Series B funding round, further cementing its position in the fintech era. The Mexico City-based company plans to expand its AI-driven capabilities, optimize business spending, and scale its footprint across Latin America.
Who’s Behind the Investment?
The funding round was led by Base10 Partners and supported by PayPal Ventures, along with existing investors Infinity Ventures, Industry Ventures, Hi.vc, and Endeavor Catalyst. Mendel previously secured $35 million in Series A funding, followed by an additional $60 million in capital and debt financing in 2022.
What This Means for Mendel’s Growth
Mendel’s platform integrates expense management, corporate travel solutions (Mendel Viajes), and payment automation to help businesses streamline financial processes. With fresh capital, the company aims to:
· Enhance AI-driven spend management capabilities
· Strengthen corporate travel solutions
· Expand into Chile, Colombia, and Peru in 2024, with a Brazil launch planned for 2026
· Attract top global talent and advance AI research
Despite rapid growth, Mendel’s co-founder and co-CEO Alan Karpovsky acknowledged that the company is “not yet profitable” but remains optimistic about reaching break-even by late 2025.
Why It Matters for Businesses
Mendel’s AI-powered spend management solutions help businesses gain real-time financial insights, reduce inefficiencies, and optimize expense tracking. This latest investment signals continued growth in fintech automation, driving smarter and more efficient financial operations for enterprises.
What do you think about Mendel’s expansion and AI-driven approach to spend management?
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