Mexican startup, Mendel raises $60 million to expand its offering

Mendel, a B2B company that seeks to modernize the finances of large corporations in Mexico has raised $60 million in a debt and equity round.

• The firms that participated in the latest funding round include Industry Ventures, Infinity Ventures and Victory Park Capital.
• With the fresh funds, Mendel plans to accelerate the development of its corporate expense management platform and boost its growth in the Mexican market.
• Based in Mexico, Mendel is a platform that helps large corporations digitise their finances. The firm allows clients to issue virtual and physical corporate cards and also provides credit lines for business operations as well as budgeting and invoice tracking features.
• Some of its clients include, the Liverpool chain of stores, Kavak, Mercado Libre, and ABInBev.
• The B2B startup began operations in 2021 and at the end of that year closed a $35 million Series A led by Infinity Ventures and ALLVP.