Mendel, Latin America’s leading enterprise spend management platform, announced today the closing of a $35 million Series B round led by Base10 Partners with participation from PayPal Ventures, and support from existing investors Infinity Ventures, Industry Ventures, Hi.vc. Endeavor Catalyst is also investing.

“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"

Share

Mendel is gaining traction as one of the most comprehensive spend management platforms for large enterprises in Latin America, seamlessly integrating expense management, payments, and corporate travel. The company differentiates itself from traditional players with a software-first, enterprise-focused approach and is one of the only companies in the category able to charge recurring SaaS fees—a fundamental departure from competitors relying on interchange revenue or lending-based models.

With the rapid consolidation of Travel and Expense Management (T&E) solutions globally, enterprises are demanding fully integrated platforms that eliminate inefficiencies and enhance financial visibility. Mendel is at the forefront of this shift in Latin America.

Alan Karpovsky, Co-Founder & Co-CEO of Mendel, 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."

Mendel has already secured a dominant market position in Mexico and Argentina, serving leading enterprises such as Mercado Libre, FEMSA, and McDonald’s. With this new capital, the company will accelerate:

• Technology & AI Development: Expanding AI-driven spend management capabilities and further investing in Mendel Viajes, its corporate travel module designed to streamline business travel management.
• Geographic Expansion: Extending operations into Chile, Colombia, and Peru in 2025, with Brazil targeted for 2026 as part of Mendel’s strategy to become the go-to spend management platform across Latin America.
• Talent Acquisition: Scaling its team to attract top-tier global talent and support growth in product development, go-to-market execution, and AI research.

Mendel’s expansion comes at a time when global enterprises are demanding more automation, compliance, and real-time visibility into their financial operations. As the lines between travel, payments, and expense management continue to blur, Mendel is positioned to lead the way in Latin America with its integrated AI-powered platform.

Jason Kong, Partner at Base10 Partners, said, “Mendel is revolutionizing 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."

Ian Cox, Partner at PayPal Ventures, 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 localization, and AI-driven automation makes them uniquely positioned to lead this space."