Mexico City-based fintech startup Mendel has landed $35 million in fresh Series B funding. As it accelerates its mission to transform corporate spend management for enterprises across Latin America. This brings its total equity funding to $60 million, alongside a $50 million credit facility backing its operations.
Founded in early 2021 by Alan Karpovsky and Alejandro Zecler—both serial entrepreneurs. The startup first emerged from Y Combinator’s Winter 2021 cohort. Since its $15 million Series A and $20 million in debt raised in 2021, Mendel has grown rapidly. Today, it’s positioning itself as a go-to platform for CFOs who want full visibility and control over business expenses, vendor payments, and travel bookings in real-time.
“We’re building the all-in-one command center for enterprise finance teams,” said co-founder and co-CEO Alan Karpovsky. “Our aim is to automate what CFOs are still doing manually and solve the region’s unique financial and regulatory complexities.”
Unlike many global players, Mendel is tailored for Latin America’s fragmented regulatory environment. Handling things like tax compliance, invoicing laws, and multi-currency operations across countries. That localization, Karpovsky argues, gives Mendel a competitive edge.
Karpovsky humorously describes Mendel as “what you’d get if SAP Concur and AMEX had a baby.” It blends the precision of enterprise software with the flexibility of modern payments. The platform covers everything from expense management and corporate travel to bill pay automation and virtual cards—designed specifically for large enterprises.
And it’s not just marketing talk. Mendel generates revenue primarily through SaaS subscriptions—making up over 50% of its income. Alongside interchange fees and a percentage from its bill pay transactions. That revenue model reflects a software-first approach, steering clear of dependence on lending or purely transactional fees.
Mendel currently supports around 500 large enterprise customers across Mexico and Argentina. Including household names like Mercado Libre, FEMSA, Adecco, and McDonald’s. The company plans to enter Chile, Colombia, and Peru by 2025, with Brazil next on the roadmap in 2026.
While exact revenue numbers weren’t disclosed, Karpovsky shared that Mendel’s annual recurring revenue has surged 2.5x year-over-year. Gross margins have also remained strong—over 75%. Though still operating at a loss, the startup expects to become profitable by late 2025. With a notable milestone already achieved: being cash-flow positive as of December 2024.
The latest round was led by Base10 Partners, with new backers including PayPal Ventures and Endeavor Catalyst. Existing investors such as Infinity Ventures, Industry Ventures, and Hi.vc also joined the round.
Base10’s Jason Kong praised Mendel’s sharp focus and ability to win over large, complex organizations that are often stuck with legacy solutions. “We were impressed by Mendel’s ability to onboard enterprises with over 3,000 employees in under three months,” said Kong. “Their capital efficiency and rapid sales velocity stand out in a crowded sector.”
Compared to competitors like Clara and Jeeves, which serve SMBs and rely heavily on transactional revenue, Mendel has carved a distinct niche. By targeting enterprise clients with needs like multi-entity accounting, deep ERP integrations, and multi-credit line setups, it’s become a category leader in a space many global companies have yet to fully tackle.
Mendel’s headcount has grown to 80 employees from 64 just a year ago. The team also includes co-founders Helena Polyblank (CPO) and Gonzalo Castiglione (CTO), rounding out a leadership team with deep product and technical expertise.
“Our strategy has always been to dominate the largest Spanish-speaking markets in the region before expanding,” Karpovsky said. That methodical growth—paired with a product built for scale—could make Mendel a key player in reshaping Latin America’s corporate finance landscape.
