Initiator of B2B Expense Management Mendel’s new investors, Infinity Ventures and Victory Park Capital, joined current investor Industry Ventures to provide the company with $60 million in equity and debt financing.
Additional Current Investors Both ALLVP and BTV contributed to this round of investment.
Mendel wants to use the new capital to hasten the development of its corporate spending management platform and increase its presence in the Mexican market.
Mendel, a business-to-business platform aimed at facilitating the digitalization of corporate finances, was established in 2021 in Mexico City. The company offers credit lines for business operations, as well as budgeting and invoice tracking services, to its clients, who can issue corporate cards both virtually and physically.
A $15 million Series A round and $20 million in debt financing were raised by the company in the previous year, totaling $35 million.
To paraphrase Mendel, “data management and digital tools have not changed at the same time” as CFOs’ “increasingly strategic” roles have expanded.
“Today’s CFOs use a wide variety of siloed solutions; hence, bringing them together is crucial to the future of effective financial management.”
Source Link Mendel bags $60m in fresh funding
