PayPal Ventures has co-led a $35 million Series B investment in Mendel, a Mexico City-based enterprise spend management platform serving major corporations across Latin America. The round was spearheaded by Base10 Partners, with participation from existing investors including Infinity Ventures and Endeavor Catalyst.
Mendel’s all-in-one platform—which combines corporate card payments, expense management, and travel solutions—counts regional giants like Mercado Libre, FEMSA, and McDonald’s among its clients. Unlike traditional players reliant on interchange fees, Mendel operates on a software-first SaaS model, charging recurring subscription fees for its automated financial workflows.
The fresh capital will fuel:
- AI-driven automation for real-time spend analytics and fraud detection
- Market expansion into Chile, Colombia, and Peru in 2025
- Brazil entry planned for 2026
- Engineering and sales team growth
Ian Cox of PayPal Ventures highlighted Mendel’s disruptive potential: “Latin America’s enterprise spend sector remains underserved despite its booming fintech ecosystem. Mendel’s localized, AI-powered platform is poised to redefine corporate financial operations.”
The investment marks PayPal Ventures’ latest bet on Latin American fintech, following earlier deals with Clip (Mexico) and EBANX (Brazil). Mendel reports 3x YoY growth as enterprises shift from manual processes to integrated spend solutions.