Mendel Raises $40 Million Series B Round To Expand Its Team And Grow Product Offering

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The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. , all these companies are targeting the startups/SMB sector. The startup, which is focused on the Mexican market for now, has started strong — onboarding more than 150 clients (such as Mercado Libre, PetCo and Telcel) in the first months since it launched earlier this year. Currently, its payment volume is growing 2x week over week, according to Karpovsky. The B2B payment market in Mexico is a massive opportunity, the company believes, especially considering how few payments are made by cards. Mendel says its software gives finance teams a way to manage card transactions in real time, set granular spend rules and track spending from a central dashboard. Mendel says its payment volume (GTV) has increased by 100x in the last three months. Presently, Mendel has 70 employees and it expects to end 2022 with 200. As we have seen with the success of other corporate card and expense management startups globally, we believe that Mendel has the team, technology, and tenacity to become the leader in Latin America.