Fintech Startup Mendel in Mexico Raises $60 million

B2B spend management start-up Mendel has received $60 million in capital and debt funding from existing investor Industry Ventures and new investors Infinity Ventures and Victory Park Capital.

Others who have already invested ALLVP and BTV also helped raise money for the project. Mendel wants to speed up the development of its corporate expense management platform and grow faster in the Mexican market with the new money.

Mendel was started in Mexico City in 2021 as a B2B platform to help big companies digitize their finances. The company lets its clients give out both virtual and physical corporate cards, as well as credit lines for business operations, budgeting tools, and ways to keep track of invoices.

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The previous year, the company was successful in raising a total of $35 million in capital which was comprised of a $15 million Series A round of fundraising and a $20 million debt financing round.

Mendel says that the role of chief financial officers (CFOs) has become “increasingly strategic” in recent years, but “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.”

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