Mendel Raises $35M Series B to Expand AI-Powered Enterprise Spend & Travel Management in Latin America

Base10 Leads Round, Joined by PayPal Ventures, as Mendel Solidifies Its Position as the Leading Enterprise Spend Management Platform in LATAM.

MEXICO CITY--(BUSINESS WIRE)--Mendel, Latin America’s leading enterprise spend management platform, announced today the closing of a $35 million Series B round led by Base10 Partners with participation from PayPal Ventures, and support from existing investors Infinity Ventures, Industry Ventures, Hi.vc. Endeavor Catalyst is also investing.

Mendel is gaining traction as one of the most comprehensive spend management platforms for large enterprises in Latin America, seamlessly integrating expense management, payments, and corporate travel. The company differentiates itself from traditional players with a software-first, enterprise-focused approach and is one of the only companies in the category able to charge recurring SaaS fees—a fundamental departure from competitors relying on interchange revenue or lending-based models.

With the rapid consolidation of Travel and Expense Management (T&E) solutions globally, enterprises are demanding fully integrated platforms that eliminate inefficiencies and enhance financial visibility. Mendel is at the forefront of this shift in Latin America.

Alan Karpovsky, Co-Founder & Co-CEO of Mendel, said, “This round allows us to scale our AI capabilities and continue transforming how companies manage payments, expenses, and travel—helping them operate more efficiently while reducing costs and complexity."

Mendel has already secured a dominant market position in Mexico and Argentina, serving leading enterprises such as Mercado Libre, FEMSA, and McDonald’s. With this new capital, the company will accelerate:

• Technology & AI Development: Expanding AI-driven spend management capabilities and further investing in Mendel Viajes, its corporate travel module designed to streamline business travel management.
• Geographic Expansion: Extending operations into Chile, Colombia, and Peru in 2025, with Brazil targeted for 2026 as part of Mendel’s strategy to become the go-to spend management platform across Latin America.
• Talent Acquisition: Scaling its team to attract top-tier global talent and support growth in product development, go-to-market execution, and AI research.

Mendel’s expansion comes at a time when global enterprises are demanding more automation, compliance, and real-time visibility into their financial operations. As the lines between travel, payments, and expense management continue to blur, Mendel is positioned to lead the way in Latin America with its integrated AI-powered platform.

Jason Kong, Partner at Base10 Partners, said, “Mendel is revolutionizing corporate spend management in Latin America by delivering an enterprise-grade, AI-first platform that eliminates inefficiencies and modernizes the financial stack for businesses. We are excited to support Alan, Alejandro, and the team as they scale across the region and establish Mendel as the dominant player in enterprise finance."

Ian Cox, Partner at PayPal Ventures, said, “Latin America is one of the most dynamic fintech markets in the world, yet enterprise spend management remains underserved. Mendel’s combination of software-first pricing, deep localization, and AI-driven automation makes them uniquely positioned to lead this space."

About Mendel

Mendel is the premier platform for managing enterprise spend in Latin America. By seamlessly integrating expense management, payments, and corporate travel, Mendel empowers finance teams to control budgets in real time. From setting rules to tracking expenses and travel bookings, Mendel provides a centralized, intuitive platform tailored to LATAM’s unique complexities. Trusted by leading enterprises like Mercado Libre, McDonald’s, and FEMSA, Mendel reduces costs, ensures compliance, and delivers actionable insights to transform how businesses operate. Learn more at www.mendel.com.

About Base10 Partners

Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and in companies that are automating sectors of the Real Economy. Through its program, the Advancement Initiative, Base10 donates a portion of firm profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Brex, Notion, Figma, Stripe, Wealthsimple, and SecureFrame. Connect via base10.vc.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in six areas of high strategic relevance to PayPal, including fintech, payments, commerce enablement, artificial intelligence, blockchain & cryptocurrency, and regulatory/cyber technology. Through the expertise, experience, and vast network of PayPal Ventures—and the companies we invest in—we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc.