Latin American enterprise spend management platform Mendel has secured $35 million in a Series B funding round led by Base10 Partners, with participation from PayPal Ventures and existing investors Infinity Ventures, Industry Ventures, Hi.vc, and Endeavor Catalyst.
Mendel is utilized by major enterprises in Mexico and Argentina, such as Mercado Libre, FEMSA, and McDonald’s. The platform seamlessly integrates expense management, payments, and corporate travel services. It distinguishes itself from traditional competitors through its software-first, enterprise-focused strategy, enabling it to implement recurring SaaS fees instead of relying on interchange revenue or lending-based models.
The company plans to allocate the new funding toward AI development, talent acquisition, and expansion into Chile, Colombia, and Peru by 2025, with Brazil in its sights for 2026. Ian Cox, a partner at PayPal Ventures, stated, “Latin America is one of the most dynamic fintech markets in the world, yet enterprise spend management remains underserved. Mendel’s combination of software-first pricing, deep localization, and AI-driven automation makes them uniquely positioned to lead this space.”