Mendel, a platform for companies to manage their expenses through virtual and physical credit cards, announced the raise of US$60 million in a round led by Industry Ventures, Infinity Ventures, and Victory Park Capital. The raise comes 11 months after its US$35 million Series A led by Infinity Ventures and ALLVP, who participated again, as well as the BTV fund. The new round included equity and debt, although the proportion was not disclosed (In its Series A, the debt portion was US$20 million.). 

Alan Karpovsky, co-CEO and founder of Mendel, together with Alejandro Zecler, Helena Polyblank, and Gonzalo Castiglione, said they are “very grateful for this vote of confidence from our investors, which will allow Mendel to continue driving the evolution of corporate spending in Mexico.”

Gonzalo Castiglione, Alan Karpovsky, Alejandro Zecler, and Helena Polyblank, founders of Mendel (Photo: Mendel).

Despite being a Mexican company oriented to that market, all its founders are from Argentina. They founded the company in Mexico for reasons such as market size, economic stability, and proximity to the US.

Founded in 2021, the same year it was selected by Y Combinator, Mendel has a similar model to the fintech and unicorn Clara. Through technology applied to finance, it allows companies to control and allocate expenses for their teams. In its short life, it has managed to attract important clients in Mexico, such as the Liverpool chain of stores, Kavak, Mercado Libre, and ABInBev.

They state that their mission is to “restore agility to large companies so that they can advance towards the digitization of their finances through tools that make their processes more efficient and increase the transparency of their payment flows.”

 

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