Mendel raises $60 million dollars to consolidate its offer in the Mexican market

Mendel, the B2B company that seeks to modernize the finances of large corporations in Mexico, announced a new round of capital and debt for $60 million dollars. Said financing comes from Industry Ventures , Infinity Ventures and Victory Park Capital .

Mendel began operations in Mexico in 2021 and at the end of that year raised its Series A for $35 million dollars by Infinity Ventures and ALLVP . On this occasion, Industry Ventures and Victory Park Capital join as new investors to strengthen Mendel’s long-term commitment. In addition, the technology will continue with the support of its current investors: Infinity Ventures, ALLVP and BTV , who also participated in this round.

In recent years, the role of Chief Financial Officers (CFOs) has become increasingly strategic. However, data management and digital tools have not evolved at the same time. Today, CFOs must make use of various disintegrated solutions; therefore, unifying them is key to the future of efficient financial management. Based on a survey conducted by KPMG , it was observed that 60% of the CFOs surveyed intend to strengthen the relationship with the Chief Information Officers (CIO) to promote financial digitalization in their organizations.

“The trend shows an evident demand for the modernization of financial operations. At Mendel we continue to invest in innovation to achieve something as simple as retrieving an invoice with a photo from your smartphone”, said Alan Karpovsky, co-CEO and co-founder of Mendel. “We are very grateful for this vote of confidence from our investors, which allows our company to lead the evolution of corporate expenses in Mexico”, he underlined.

Mendel’s new round represents an important message for the Mexican fintech market because it reiterates the immense potential that still exists in the sector.

“It is evident that there is a specific need for companies of the size of Mercado Libre, FEMSA or AB InBev (Grupo Modelo) to find a strategic partner that supports them in their financial digitalization. The good news is that Mendel is the right partner for this process,” said Karposvky.

Helena Polyblank, CPO and the mind behind Mendel’s product, said, “This funding round represents not only an important milestone for Mendel, but also an inspiration for women in technology. I hope that by sharing this success story I can empower entrepreneurs through my “it’s possible if you really want it” mindset.

Brian Langer, Principal at Industry Ventures mentioned that “our mission is to bet on technology companies with the vision and values ​​necessary to change the status quo and Mendel is a good example of this. We are excited to join Mendel as partners in his long-term plans.”

Mario Ruiz, co-founder and partner of Infinity Ventures, pointed out “we believe that Mendel is building the best financial and software proposal for large companies in Latin America. In a market that is already ripe for this adoption, Mendel is leading the way in creating cutting-edge technology for CFO teams. We are proud to continue supporting them on their journey to revolutionize corporate spending.”

For his part, Gordon Watson, partner at Victory Park Capital, pointed out that “we believe that Mendel is targeting a market with great potential, since large corporations need more tools that increase their agility and efficiency by innovating in the management of their resources. We are excited to partner with the Mendel team to take advantage of this opportunity in front of us.”

Looking ahead, Mendel plans to use this funding round to double its growth and accelerate the development of its corporate expense management platform in the Mexican market.