Mexican fintech Mendel announced a new $60-million round of equity and debt financing led by Industry Ventures, Infinity Ventures, and Victory Park Capital.
The fintech provides companies with the necessary tools to create their financial management systems through an expenses control platform (SaaS),
As the company revealed in a statement, Mendel plans to use the resources raised in this round to double its growth and accelerate the development of its corporate expenses management platform in the Mexican market.
Mario Ruiz, co-founder and partner at Infinity Ventures, said in a statement that he and his colleagues believe Mendel “is building the best financial and software proposition for large enterprises in Latin America.” “In a market that is already ripe for this adoption, Mendel is leading the way in creating cutting-edge technology for CFO teams. We are proud to continue to support them in their journey to revolutionize corporate expenses,” concluded the executive.
Gordon Watson, a partner at Victory Park Capital, said that Mendel is targeting a market with a lot of potential and that large corporations need more tools to increase their agility and efficiency by innovating in managing their resources.
“We are excited to partner with the Mendel team to take advantage of this opportunity in front of us,” he said.
Founded in Mexico, Mendel began operations in 2021 and, at the end of that year, raised its Series A for $35 million per share, backed by Infinity Ventures and ALLVP.
In addition to including Industry Ventures and Victory Park Capital funds to strengthen Mendel’s long-term bet, the fintech will continue with the backing of its previous investors, who also participated in this round.
Leading the corporate spending evolution in Mexico
For Alan Karpovsky, co-CEO and co-founder of Mendel, the current market trend “shows an evident demand for the modernization of financial operations.”
“At Mendel, we continue to invest in innovation to achieve something as simple as retrieving a bill with a photo from your smartphone,” said Karpovsky. “We are very grateful for this vote of confidence from our investors, which allows our company to lead the evolution of corporate spending in Mexico.”
The executive believes this new funding represents an important message for the Mexican fintech market because it reiterates the immense potential in this sector at a regional level.
“It is clear that there is a timely need for companies the size of Mercado Libre, FEMSA, or AB InBev (Grupo Modelo) to find a strategic partner to support them in their financial digitalization. The good news is that Mendel is the right partner for this process,” said Mendel’s co-CEO in his statement.
A bet on the next LatAm star fintech?
Helena Polyblank, CPO and the mind behind Mendel’s product stated that “this funding round represents not only an important milestone for Mendel but also an inspiration for women in the technology sector. I hope that by sharing this success story, I can empower entrepreneurs through my ‘it’s possible if you want it mentality.”
The Mexican company is betting heavily on its technological development and wants to be the next LatAm unicorn. Its goal is to change the corporate spending ecosystem through a technology platform that merges a financial management tool and a credit card, allowing companies to save considerable resources while avoiding corporate fraud.
“Our mission is to bet on technology companies with the vision and values necessary to change the status quo, and Mendel is a good example of this. We are excited to join Mendel as a partner in its long-term plans,” said Brian Langer, Principal at Industry Ventures, about the contribution to Mendel.
Jorge C. Carrasco is a Contributing Reporter at Fintech Nexus. He reports on fintech, economy, banking, startups, and technology, covering the most impactful stories from a Latin American perspective.
He has contributed to several international publications, such as Foreign Policy, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette. Originally from Havana, Cuba, he is now based in Brazil.