Mendel raises $60M to consolidate its offer in the Mexican market
Nov 07, 2022
- B2B payments company Mendel announced today it raised a new financing round from Industry Ventures, Infinity Ventures and Victory Park Capital (VPC) to continue growing in Mexico.
Mexico City, November 7 2022 – Mendel, the B2B corporate spend management company in Mexico, today announced a new equity and debt financing round for $60 million, from Industry Ventures, Infinity Ventures and Victory Park Capital.In late 2021, Mendel launched operations in Mexico after raising its Series A for a total of $35 million from Infinity Ventures and ALLVP. In this new round, Industry Ventures and Victory Park Capital join as new investors in Mendel supporting the company’s long-term vision. Existing investors in Mendel, Infinity Ventures, ALLVP and BTV, also participated in the financing.
The role of CFOs and strategic financial decisions have become increasingly dynamic in the last decade, but management of data and digital tools have not evolved at the same pace. Nowadays, a CFO has to manage various solutions that are completely fragmented, thus unifying them is the future for efficient financial management. A KPMG survey points out that 60% of the CFOs surveyed intend to strengthen their relationship with the Chief Information Officers (CIO) to promote financial digitization within their organizations.
“The trend shows an evident demand for modernizing financial operations and management. At Mendel we continue to invest heavily on innovating even from something as simple as retrieving an invoice with a picture from your smartphone,” said Alan Karpovsky, co-CEO and co-founder of Mendel. “We are very grateful for this vote of confidence from our investors, which will allow Mendel to continue driving the evolution of corporate spending in Mexico”.
Mendel’s new round is an important statement for the Mexican Fintech market, since it reaffirms the huge potential that still exists in this sector. “It is evident that there is a pressing need from companies like Mercado Libre, FEMSA, or AB InBev (Grupo Modelo) to find a strategic partner that supports them in their path to financial digitalization. The good news is that Mendel is the right partner for this journey,” Karposvky added.
Helena Polyblank, the CPO and mind behind Mendel’s product stated “this financing round not only represents a major milestone for Mendel, but also as an inspiration for women in the technology sector. I hope that by sharing this success story I’d be able to empower entrepreneurs though my mindset of “it is possible if you really want it.”
Brian Langer, Principal of Industry Ventures mentioned that “our mission is to bet on technology companies with the vision and values necessary to change the status quo and Mendel is a good example of this. We are excited to partner with Mendel as long-term partners.”
Mario Ruiz, co-founder and Partner at Infinity Ventures, mentioned that “we believe that Mendel is building the best-in-class software and financial stack for large enterprises in LATAM. In a market ripe for adoption, Mendel is leading the way in building cutting-edge technology for CFO teams. We’re proud to continue to support Mendel in their journey to revolutionize the corporate spending category.”
Gordon Watson, Partner at Victory Park Capital, said, “We believe Mendel is targeting a large addressable market as corporate enterprises are increasingly in need of agile and efficient partners to innovate their resource management functions. We look forward to partnering with the Mendel team to capture the opportunity ahead.”
Looking ahead, the company plans to use its new capital to double down in growth and speed up the development of its corporate spend management platform in the Mexican market.
Mendel is a technology company that offers large companies the necessary tools to create their own financial management rules through an expense control platform (SaaS) and a smart VISA credit card. Mendel’s purpose is to return agility to the corporate segment so that it simplifies its expense reporting processes and saves two of the most important resources in any organization: time and money. For more information: www.mendel.com
About Industry Ventures
Founded in 2000, Industry Ventures is a venture capital fund with over $5 billion of investment assets under management. It is a “fund of funds” holding stakes in world-class funds such as Kaszek, Lightspeed, Battery, and other major funds around the world. In addition, it has investments in companies such as Uber, DocuSign, and Dropbox.
About Infinity Ventures
Infinity Ventures is an early-stage fund focused on fintech and commerce enablement investments across the globe. The partners – Jeremy Jonker, Jay Ganatra and Mario Ruiz – led the Corporate Development and Ventures teams for PayPal over the last decade, including the acquisitions of Braintree / Venmo, Honey, and iZettle as well as investments in companies like Plaid, Acorns, PPRO, Chargehound, Extend, Paxos, Happy Returns, Codat and Tink. Infinity closed on its $158M Fund I in October 2021 from a group of strategic individuals from the fintech landscape and traditional asset managers.
About Victory Park Capital
Victory Park Capital is a global alternative investment firm that provides capital to emerging and established businesses in the U.S. and abroad. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities, broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles, Austin, Miami, and London. VPC is privately held and a Registered Investment Advisor with the SEC. For more information, please visit www.victoryparkcapital.com
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 KPMG. 2021. Finance of the Future: Being a Resilient Digital CFO. https://home.kpmg/sg/en/home/insights/2021/03/finance-of-the-future-being-a-resilient-digital-cfo.html