Founded in early 2021, Mendel provides an integrated SaaS platform that combines expense management, corporate cards, bill pay, and travel booking to give CFOs real-time visibility and control over B2B spend. The product is positioned as a ‘SAP Concur meets AMEX’ solution tailored to the complex tax, invoicing, and multi-currency requirements of Latin American enterprises. Over half of revenue comes from recurring SaaS fees, with the balance generated from interchange and bill-pay take rates, supporting gross margins above 75%. Annual recurring revenue grew nearly 2.5× year-over-year, and management expects to reach profitability by late 2025 after being cash-flow positive in December 2024. The company serves about 500 customers—including Mercado Libre, FEMSA, Adecco, and McDonald’s—and has grown to 80 employees. Future plans include geographic expansion from current operations in Mexico and Argentina into Chile, Colombia, and Peru in 2025 and Brazil in 2026. To date, Mendel has secured $60 million in equity funding and a $50 million credit facility.

Total raised

$70M

Funding rounds

3

Latest round

Series B

Latest activity

Mar 2025