YC alum Mendel a Ramp for LatAm enterprises, raises $35M Series B

YC alum Mendel a Ramp for LatAm enterprises, raises $35M Series B

Mexico City-based YC alum Mendel, a corporate spend management platform, has secured $35 million in a Series B funding round. This latest infusion follows their earlier Series A round of $15 million and an additional $20 million in debt raised last December. YC alum Mendel’s innovative approach aims to automate manual CFO operations and create a one-stop solution for all business-to-business spending needs.

With this new funding, YC alum Mendel is poised to further expand its capabilities and solidify its position as a leading fintech player in Latin America. By streamlining financial workflows, YC alum Mendel continues to revolutionize the way companies handle their corporate expenses.

YC alum Mendel a Ramp for LatAm enterprises, raises $35M Series B

Mendel’s platform integrates expense management, payments, and corporate travel booking, delivering real-time visibility and control across various expenditure categories. The startup’s goal is to empower CFOs and finance teams in Latin America with the ability to manage employee expenses, vendor payments, and travel arrangements more efficiently.

Co-CEO and co-founder Alan Karpovsky explained, “Our aim is to give finance teams real-time oversight and control over their spending, whether it’s employee expenses, vendor payments, or travel bookings.” This mission places Mendel as a potential game-changer in the corporate finance space.

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Strong Funding and Growth Trajectory

Founded by Alan Karpovsky and Alejandro Zecler in early 2021, Mendel quickly built a reputation by combining years of entrepreneurial experience. The team expanded with Helena Polyblank as CPO and Gonzalo Castiglione as CTO, further solidifying its foundation. While the company did not disclose its current valuation, Karpovsky noted that the recent round marked a notable progression from previous funding efforts.

To date, Mendel has raised a total of $60 million in equity funding and secured a $50 million credit facility. Its annual recurring revenue (ARR) reportedly grew nearly 2.5 times year-over-year, with gross margins exceeding 75%. Although the company is not yet profitable, it anticipates reaching profitability by late 2025.

Backing from Leading Investors

Base10 Partners led the Series B round with participation from new investors such as PayPal Ventures and Endeavor Catalyst, along with longstanding backers including Infinity Ventures, Industry Ventures, and Hi.vc. This diverse group of investors is particularly drawn to Mendel’s unique positioning in the Latin American market, where the company effectively navigates complex, country-specific regulations like tax codes, invoicing standards, and multi-currency operations.

Karpovsky has compared Mendel’s capabilities to a blend of well-known financial management and expense platforms, commenting that “Mendel is like SAP Concur and AMEX having a child.” He also noted similarities to the New York-based Ramp, emphasizing that Mendel’s focus on large, complex enterprises sets it apart, especially with its advanced integrations for multi-entity, multi-currency, and multi-credit-line operations.

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Future Expansion Plans and Market Impact

Currently, YC alum Mendel employs 80 professionals, up from 64 the previous year. The company serves approximately 500 customers in Mexico and Argentina, including major brands like Mercado Libre, FEMSA, Adecco, and McDonald’s. Looking ahead, YC alum Mendel plans to broaden its geographic footprint into Chile, Colombia, and Peru by 2025, with Brazilian operations slated for 2026.

• Focus on automating traditional CFO tasks

• Strong growth with ARR nearly 2.5x year-over-year

• Robust funding history with strategic investor backing

• Future expansion across Latin America

By consolidating its efforts in the largest Spanish-speaking market region first, YC alum Mendel is well-positioned to replicate its success across Latin America. Its ability to replace legacy systems and capture enterprise clients swiftly is a testament to its product-market fit and innovative approach to corporate spend management.

For more information on the platform, visit Mendel’s official website and stay updated on their journey to transform corporate expense management in Latin America.