YC Alum Mendel, “a slope of the lathy institutions,” raises 35 million dollars from the series B.

Mexico City headquarters Picnic She raised 35 million dollars in the financing round of the B series, and it tells the Teccrunch exclusively.

Corporate spending platform Picnic Another raised In December 2021 – a 15 million dollar tour and $ 20 million of debt – after participating in the Y Conbinator’s Winter 2021 group. With this last capital leak, the startup brought a total of $ 60 million of stock financing and $ 50 million through credit facilities.

A clear and direct task: re -invention of the management of corporate spending by automating most of the operations of a financial institution for the institution that is currently taking place. Or simply, it wants to be one store for all B2B spending. Its width is integrated by the management of expenses, payments, and companies traveling.

“Our goal is to give the financial manager and financial teams in Latin America the vision and control of their spending-whether the employee expenses, sellers payments or commercial travel reservations were,” said Alan Carbovsky, co-founder.

Karpovsky and Alejandro Zecler (which they previously established and sold other startups) began in early 2021, and the Polyblank (CPO) and Gonzalo Castiglione (CTO) later joined a joint institution.

Mendel refused to reveal the evaluation, as Carbovsky said that the tour only reflects an “important step” from the company’s previous increase. The company also refused to detect solid revenue numbers, as Carbovsky indicated only that its annual repeated revenues (ARR) grew nearly 2.5X on an annual basis, with the total total margin of more than 75 %.

“We are not profitable yet, but we expect to reach profitability by late 2025.”

Base10 Partners led the last round of Mendel, which included the participation of new investors Paypal Ventures and Endavor Catalyst, as well as current supporters, industry projects, and Hi.vc.

Sap Concur meets amex

The company says it is because it is “first” and focuses on companies, it is able to impose frequent Saas fees instead of relying exclusively on the introduction of revenues or lending -based models. Its revenues come from a set of SAAS fees (more than 50 %) for the expense and travel management tool and exchange fees from credit cards as well as the average billing rate.

Karpovsky believes that Latam Focus of the company gives it an advantage over other international players in that it is able to address “the country’s complex regulations” such as tax symbols, bills requirements, and multi -currency functioning, among other things.

“We would like to say,” Mendel like Sap Concur and Amex gave birth to a child, “said Carbovsky.

As for the comparisons with Decacorn, based in New York slopeHe said in many ways, “a slope -like slope to Latin American institutions” with a few discrimination, including the fact that it focuses on “large and complex organizations that require multiple operations, multi -currency, multi -line lines, and ERP depth.”

At present, Mendel has 80 employees, compared to 64 employees a year ago. In the future, the company plans to expand geographically. It already works in Mexico and Argentina with about 500 clients, including Mercado Libre, Femsa, ADECCO and McDonald. He looks forward to expanding Chile, Colombia and Peru in 2025, and Brazil in 2026.

“Our approach from Day Zero was the unification of the largest market that spoke Spanish in Latam before the start of geographical coordination,” said Carbovsky.

Jasson Kong, Base10, Techcrunch, told his company that he was attracted to what she considered “Locating Mindel’s Unique” as an administrative platform for spending for large companies in the disadvantaged Latin America – but the growing.

Kong added: “The company’s high capital efficiency-being positive for cash flow was distinguished in December 2024-in a sector in which many players fight with the economies of the unit.” “In addition, Mendel’s ability to replace old solutions such as SAP Concur and the winning of large institutions’ rapid sales (SUB-3 months for 3,000 employees) showed the suitability of the market of clear products.” Other companies also operate in this field in Latin America Clara and Jeffice – Another YC – but both target more small and medium -sized companies and depend more on the transaction fees, Kong indicated.