The Mexican startup Mendel announced a new equity and debt financing round for $60M from Industry Ventures, Infinity Ventures, and Victory Park Capital.
Mendel is a B2B corporate spend management startup. It offers companies the necessary tools to create their own financial management rules through an expense control platform and a smart VISA credit card. Mendel seeks to make corporate expense reporting more agile, thereby saving the organization time and money.
“It is evident that there is a pressing need from companies like Mercado Libre, FEMSA, or AB InBev (Grupo Modelo) to find a strategic partner that supports them in their path to financial digitalization. The good news is that Mendel is the right partner for this journey,” Alan Karpovsky, co-CEO and co-founder of Mendel added.
According to Mario Ruiz, co-founder and Partner at Infinity Ventures:
“Mendel is building the best-in-class software and financial stack for large enterprises in LATAM. In a market ripe for adoption, Mendel is leading the way in building cutting-edge technology for CFO teams. ”
The company plans to use its new capital to invest in growth and accelerate the development of its corporate spend management platform in Mexico.
