• Mexico City-based fintech, Mendel, raises $35M Series B led by Base10 Partners.
  • The platform combines expense management, payments, and corporate travel for enterprises.
  • The company plans expansion across Latin America after success in Mexico and Argentina.

Mexico City-based Mendel has secured $35 million in Series B funding to advance its mission of transforming corporate spend management for Latin American enterprises.

The Y Combinator alum, which positions itself as the "Ramp for LatAm enterprises," has now raised a total of $60 million in equity and $50 million via credit facilities since its founding in early 2021.

Base10 Partners led the round with participation from new investors PayPal Ventures and Endeavor Catalyst, alongside existing backers Infinity Ventures, Industry Ventures, and Hi.vc.

While declining to disclose its valuation, co-CEO and co-founder Alan Karpovsky indicated it represented "a significant step up" from the company's previous raise.

Mendel integrates expense management, payments, and corporate travel into a unified platform, offering what Karpovsky describes as a "one-stop shop for all B2B spend."

The company stands out by focusing on large enterprises requiring multi-entity, multi-currency capabilities and deep ERP integrations while navigating the complex regulatory landscape specific to Latin American markets.

"Our goal is to give CFOs and finance teams in Latin America real-time visibility and control over their spend — be it employee expenses, vendor payments, or business travel bookings," said Karpovsky, who likens the company to "SAP Concur and AMEX having a child."

Unlike competitors who rely primarily on interchange revenue or lending-based models, Mendel derives over 50% of its revenue from SaaS fees.

The company reports its annual recurring revenue grew 2.5x year-over-year, with gross margins exceeding 75%, though it expects to reach profitability by late 2025.

Currently operating in Mexico and Argentina with approximately 500 customers, including Mercado Libre, FEMSA, and McDonald's, Mendel plans to expand into Chile, Colombia, and Peru in 2025, followed by Brazil in 2026.

Edited by Annette George