Funding Round attributes
Mendel is a Mexican startup founded in early 2021 by Alan Karpovsky and Alejandro Zecler, who had previously created and sold other start-ups. They later joined the founding team with Helena Polyblank as Product Manager (CPO) and Gonzalo Castiglione as Technology Director (CTO). The company specializes in corporate expense management, offering a comprehensive platform that combines expense management, payments, and corporate travel for companies in Latin America.
In March 2025, Mendel closed a $35 million Series B investment round led by Base10 Partners. This round also included new investors such as PayPal Ventures and Endeavor Catalyst, as well as existing investors in Infinity Ventures, Industry Ventures, and Hi.vc. With this financing, the company has accumulated a total of $60 million in equity and $50 million through a line of credit.
The funds obtained will be used for several strategic objectives. Mendel plans to invest in the development of its technology and artificial intelligence capabilities, especially in its corporate travel module, Mendel Travel, to optimize business travel management. In addition, the company plans to expand its operations to Chile, Colombia, and Peru in 2025, and Brazil in 2026, thus consolidating its presence in Latin America. You will also focus on talent acquisition, expanding your team to support growth in product development, market execution, and artificial intelligence research.
The involvement of investors such as Base10 Partners and PayPal Ventures is significant for Mendel. Jason Kong, partner of Base10 Partners, highlighted that Mendel is revolutionizing corporate expense management in Latin America by offering an artificial intelligence-driven business platform that modernizes the financial operations of companies. Ian Cox, partner at PayPal Ventures, said the combination of software-based pricing, deep localization, and AI-driven automation uniquely positions Mendel to lead this space.
Ian Cox, partner of PayPal Ventures, said: Latin America is one of the most dynamic fintech markets in the world; however, business expense management remains unattended. Mendel’s combination of software-centric pricing, deep localization, and AI-based automation uniquely positions them to lead this industry».
Mendel focuses on providing financial teams with real-time visibility and control over expenses, including payments to suppliers, employee expenses, and business travel bookings. Its platform integrates the management of expenses, payments, and corporate travel, differentiating itself from other market players by focusing on large and complex companies that require deep integrations with ERP systems and multi-currency and multi-entity functionalities.
"Our goal is to provide Latin American financial directors and teams with real-time visibility and control over their expenses, whether they are employee expenses, payments to suppliers, or business travel bookings.", said Alan Karpovsky, co-executive director and co-founder.
The support of renowned investors and capital injection allows Mendel to strengthen its position in the corporate expense management market in Latin America. This investment supports its strategy of expansion and technological development, helping to modernize and optimize the financial operations of companies in the region.
