← State of Embedded Finance 2026

Mendel

Can a LatAm-native spend management platform become the AI-powered financial OS for enterprise CFOs across Mexico, Argentina, Chile and Colombia before Brex/Ramp move south?

Founded2021
HQMexico City, Mexico
FoundersAlan Karpovsky, Alejandro Zecler, Helena Polyblank
Total raised$60M equity + $50M debt
Latest roundSeries B, 2025
IndustryHorizontal SaaS / Spend Management
The story

Founded 2021 in Mexico City out of YC W21 as a corporate spend management platform — explicitly positioned as 'Ramp for LatAm enterprises.' Issues corporate cards in Mexico and Argentina and operates via its own SOFOM (Financiera CR Capital) for financing. Expanded from expense management into integrated corporate travel (Mendel Viajes / OBT) in 2024, and is now investing Series B proceeds into AI agents for finance teams, repositioning as an AI-powered enterprise spend OS for LatAm.

Last 12 months
2025-03
2024-11
Product timeline
2021
Founded in Mexico City; participated in Y Combinator W21 batch· pivot
2021
$15M Series A led by ALLVP and Infinity Ventures· banking
2022
$50M debt facility from Victory Park Capital + $10M Series A extension· lending
2024
Launched online booking tool (OBT) for corporate travel — integrated travel + expense· pivot
2024
Listed on SAP Store with SAP ERP and Concur integrations· pivot
2025
$35M Series B led by Base10 Partners with PayPal Ventures to scale AI capabilities· banking
Regulated entities
SOFOM E.N.R.
Mexico
Financiera CR Capital, S.A.P.I. de C.V., SOFOM, E.N.R.
The stack
Payments / PSP
Mendel Corporate Card (self-operated)
Banking / BaaS
Mendel (in-house, operated via Financiera CR Capital SOFOM E.N.R.)
Card issuing
Mendel (in-house)
Lending
Mendel (in-house via Financiera CR Capital SOFOM)Corporate card credit line
Accounting
SAP ERPSAP Concur
Accounting gap: minor