Mexican fintech Mendel raised a $35M Series B round led by Base10. PayPal Ventures, Endeavor Catalyst, Infinity Ventures, Industry Ventures, and Hi also participated in the round. With the new round, Mendel has raised a total of $60M in equity and $50M via a credit facility.
Mendel offers B2B debit and credit cards and a platform to manage corporate expenses, including vendor payments, employees’ spending, and business travel expenses.
Mendel will use the funds to invest in its platform, expand to Chile, Colombia, Peru, and Brazil, and hire new people.
Founded in 2021, Mendel serves over 500 customers in Mexico and Argentina, including Mercado Libre, FEMSA, Adecco, and McDonald’s.
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