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Mexico’S Mendel Secures $35M To Tackle Latam’S Corporate Spend Management Problem

PRIVATEDec 02, 2021•over 4 years ago

Amount Raised

$35 Million

Description

Mendel, a corporate spend management solution for enterprises in Latin America, announced today that it has secured $35 million in debt and equity.

Company Information

Company

Mendel

About

The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. , all these companies are targeting the startups/SMB sector. The startup, which is focused on the Mexican market for now, has started strong — onboarding more than 150 clients (such as Mercado Libre, PetCo and Telcel) in the first months since it launched earlier this year. Currently, its payment volume is growing 2x week over week, according to Karpovsky. The B2B payment market in Mexico is a massive opportunity, the company believes, especially considering how few payments are made by cards. Mendel says its software gives finance teams a way to manage card transactions in real time, set granular spend rules and track spending from a central dashboard. Mendel says its payment volume (GTV) has increased by 100x in the last three months. Presently, Mendel has 70 employees and it expects to end 2022 with 200. As we have seen with the success of other corporate card and expense management startups globally, we believe that Mendel has the team, technology, and tenacity to become the leader in Latin America.

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Fundz is a real-time business intelligence platform powered by agentic AI that proactively delivers personalized daily signals — including funding rounds, executive changes, M&A activity, 13F institutional filings, SEC 8-K events, investor activity, and website modifications — based on each user's watchlist and ICP. A trusted data source at firms such as BlackRock, Oracle, Kleiner Perkins, LinkedIn, HubSpot, and Cloudflare, Fundz democratizes the institutional-grade intelligence that previously required a PitchBook or Bloomberg terminal. Features include FundzWatch™ for automated website change detection, Daily Briefing for AI-powered daily briefings, and unified cross-signal alerts across 200,000+ companies. Developers and data teams can access these signals programmatically via the Fundz Funding Data API, with transparent published pricing.

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