PayPal Joins Latin American Spend Management Platform’s Series B
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Mendel, a growing enterprise spend management platform from Latin America, recently held a Series B funding round that attracted a number of backers, including PayPal.
The round managed to raise a total of $35 million, and it was led by Base10 Partners. However, PayPal Ventures also joined as one of the biggest names among participants. Apart from the payments giant, the round also saw participation from Industry Ventures, Infinity Ventures, Endeavor Catalyst, and Hi.vc.
Mendel has been a go-to choice for a number of major players across different industries. It has been known to provide services to large enterprises in Argentina and Mexico, such as FEMSA, Mercado Libre, and even McDonald’s.
They use Mendel’s solutions as the firm integrates expense management, payments, as well as corporate travel. The firm stands out from competitors, many of which include major traditional players, thanks to its software-first, enterprise-focused approach.
It also says that it can charge recurring SaaS fees, which is a departure from competitors who rely on interchange revenue or lending-based models.
Mendel Will Expand To Numerous Neighboring Nations
With the Series B complete, Mendel has big plans for the newly-raised money. It intends to double down on AI development, as it is crucial for further expanding and improving its services even more. Other than that, it also wants to dedicate a portion of the funds to talent acquisition and to expand further.
The company has great ambitions, and right now, its goal is to enter a number of other South American markets, including Chile, Peru, and Colombia, all of which are targeted for 2025. After that, in 2026, the firm will also attempt to enter Brazil.
Commenting on PayPal’s participation in the funding round, PayPal Ventures’ partner, Ian Cox, said that Latin America is one of the most dynamic fintech markets in the world. However, enterprise spend management remains underserved.
Cox explained that Mendel offers a combination of software-first pricing, deep localization, and AI-driven automation, which makes the company uniquely positioned to lead this space, and provide services that are otherwise lacking, or are inferior to what Mendel has to offer.
