B2B payments company Mendel has raised $60 million in a new funding round and said it plans to use the new capital to accelerate the development of its corporate spend management platform in the Mexican market.
This funding round was the company’s first since one late last year, when it raised $35 million in a Series A and launched operations in Mexico, according to a Monday (Nov. 7) press release.
“At Mendel, we continue to invest heavily on innovating, even from something as simple as retrieving an invoice with a picture from your smartphone,” Mendel Co-CEO and Co-founder Alan Karpovsky said in the release. “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 aims to help chief financial officers with their financial digitalization by replacing fragmented solutions with a unified one, according to the press release.
The new fundraise also shows that there is huge potential in the Mexican FinTech market, with companies seeking a strategic partner that can support them as they work to make their financial management more efficient by deploying digital tools, Karpovsky said.
Victory Park Capital Partner Gordon Watson said in the release: “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.”
PYMNTS research has found that firms with a system that consolidates spend management devote less time to manual tasks than those that do not have such a system.
While companies that have a consolidated spend management system spend 13% of their time on manual tasks, those without one spend 24%, according to “The Financial Performance Quandary: Leveraging Automation To Better Manage Non-Payroll Spending,” a PYMNTS and Airbase collaboration.