Spend manager Mendel bags $35m funding to speed-up LatAm growth

Mexican corporate spending tracker Mendel has secured $35m across a Series A raise and a debt financing round.

The Series A was co-led by ALLVP and Infinity Ventures and also saw participation from Better Tomorrow Ventures as well as a number of angel investors.

Founded in 2020, Mexico City-based Mendel provides a corporate expense management platform that enables businesses to keep track of employee business spending.

The firm offers unlimited issuing of both physical and corporate cards as well as a credit line to finance business expenses and invoice tracking features.

Mendel claims it has doubled its transaction volumes in less than a year and now has over 150 clients who use its technology.

According to Mendel, it will use the newly raised capital to accelerate its growth in Mexico and across the rest of Latin America and further develop its spend management product.

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