Mendel, an enterprise spend management platform in Latin America, has secured $35m in a Series B funding round, led by Base10 Partners.
Existing investors Endeavor Catalyst, Hi.vc, Industry Ventures, and Infinity Ventures participated in the financing along with new investor PayPal Ventures.
Mendel intends to use the funding to strengthen its position as a spend management solutions provider in the region.
The company’s comprehensive platform easily integrates expense management, payments, and corporate travel for large enterprises in Latin America.
Unlike traditional providers, Mendel adopts a software-first, enterprise-focused approach by charging recurring SaaS fees, dependent on interchange revenue or lending models.
Base10 partner Jason Kong said: “Mendel is revolutionising 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.”
PayPal Ventures partner Ian Cox said: “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 localisation, and AI-driven automation makes them uniquely positioned to lead this space.”
The company has already established a strong market presence in Argentina and Mexico, serving major enterprises like FEMSA, McDonald’s, and Mercado Libre.
With the new funding, Mendel plans to boost its technology and AI development, particularly in its corporate travel module, Mendel Viajes, to streamline business travel management.
The company also intends to expand its footprint, with plans to extend operations into Chile, Colombia, and Peru by 2025, and Brazil in 2026.
The expansion plans align with Mendel’s strategy to become the preferred spend management platform across Latin America.
In addition, the company aims to scale its team, attracting top-tier talent to support growth in product development, AI research, and go-to-market execution.
Mendel co-founder and co-CEO Alan Karpovsky said: “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.”
