Mexican B2B payments company Mendel raises $60 million
B2B Payments Company Mendel raised $60 million in a new funding round and said it plans to use the new capital to accelerate the development of its enterprise expense management platform in the Mexican market.
The funding round was the company’s first since one late last year, when it raised $35 million in a Series A round and launched operations in Mexico, according to a Monday (Nov. 7). Press release.
“At Mendel, we continue to invest heavily in innovation, even starting with something as simple as retrieving an invoice with a photo from your smartphone,” Mendel Co-CEO and Co-Founder Alan Karpovsky said in the press release. “We are very grateful for this vote of confidence from our investors, which will allow Mendel to continue to lead the evolution of corporate spending in Mexico.”
Mendel aims to help CFOs in their financial digitization by replacing fragmented solutions with a unified solution, according to the press release.
The new fundraising also shows that there is huge potential in the Mexican FinTech market, with companies looking for a strategic partner who can support them in their efforts to make their financial management more efficient by deploying digital tools, said Karpovsky.
Companies that participated in the latest funding round include Industry companies, Infinity Ventures and Victory Park Capital.
Partner of Victory Park Capital Gordon Watson said in the release, “We believe Mendel is targeting a large addressable market as enterprises increasingly need agile and efficient partners to innovate in their resource management functions. We look forward to partnering with the Mendel team to seize the opportunity ahead.
PYMNTS research found that companies with a system that consolidates expense management spend less time on manual tasks than those without such a system.
While companies with a consolidated spend management system spend 13% of their time on manual tasks, those without spend 24%, according to “The Financial Performance Dilemma: Leveraging Automation to Better Manage Non-Wage Expenses», a PYMNTS and Air-base collaboration.
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