Mendel—Latin America’s leading enterprise spend management platform—announced the closing of a $35 million Series B round led by Base10 Partners. PayPal Ventures participated, and existing investors Infinity Ventures, Industry Ventures, and Hi.vc supported Mendel. Endeavor Catalyst is also investing.
Mendel has been gaining traction as one of the most comprehensive spend management platforms for large enterprises in Latin America. It integrates expense management, payments, and corporate travel.
The company is unique from traditional players with a software-first and enterprise-focused approach. It is also one of the only companies in the category to charge recurring SaaS fees—a fundamental departure from competitors relying on interchange revenue or lending-based models.
With the consolidation of Travel and Expense Management (T&E) solutions globally, enterprises are demanding fully integrated platforms that eliminate inefficiencies and enhance financial visibility. And Mendel is at the forefront of this shift in Latin America.
Mendel already secured a major market position in Mexico and Argentina, serving leading enterprises such as Mercado Libre, FEMSA, and McDonald’s. With this new capital, the company will accelerate:
1.) Technology & AI Development – Expanding AI-driven spend management capabilities and investing in Mendel Viajes, its corporate travel module designed to streamline business travel management.
Geographic Expansion – Extending operations into Chile, Colombia, and Peru in 2025, with Brazil targeted for 2026 as part of Mendel’s strategy to become the go-to spend management platform across Latin America.
Talent Acquisition – Scaling its team to attract top-tier global talent and support growth in product development, go-to-market execution, and AI research.
Mendel’s expansion occurs at a time when global enterprises are demanding more automation, compliance, and real-time visibility into their financial operations. As the lines between travel, payments, and expense management continue to blur, Mendel is positioned to lead the way in Latin America with its integrated AI-powered platform.
KEY QUOTES:
“This round allows us to scale our AI capabilities and continue transforming how companies manage payments, expenses, and travel—helping them operate more efficiently while reducing costs and complexity.”
– Alan Karpovsky, Co-Founder & Co-CEO of Mendel
“Mendel is revolutionizing corporate spend management in Latin America by delivering an enterprise-grade, AI-first platform that eliminates inefficiencies and modernizes the financial stack for businesses. We are excited to support Alan, Alejandro, and the team as they scale across the region and establish Mendel as the dominant player in enterprise finance.”
– Jason Kong, Partner at Base10 Partners
“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.”
– Ian Cox, Partner at PayPal Ventures
