MEXICO CITY--(BUSINESS WIRE)--Mar 27, 2025--
Mendel, Latin America’s leading enterprise spend management platform, announced today the closing of a $35 million Series B round led by Base10 Partners with participation from PayPal Ventures, and support from existing investors Infinity Ventures, Industry Ventures, Hi.vc. Endeavor Catalyst is also investing.
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Mendel is gaining traction as one of the most comprehensive spend management platforms for large enterprises in Latin America, seamlessly integrating expense management, payments, and corporate travel. The company differentiates itself from traditional players with a software-first, enterprise-focused approach and is one of the only companies in the category able to charge recurring SaaS fees—a fundamental departure from competitors relying on interchange revenue or lending-based models.
With the rapid consolidation of Travel and Expense Management (T&E) solutions globally, enterprises are demanding fully integrated platforms that eliminate inefficiencies and enhance financial visibility. Mendel is at the forefront of this shift in Latin America.
Alan Karpovsky, Co-Founder & Co-CEO of Mendel, said, “This round allows us to scale our AI capabilities and continue transforming how companies manage payments, expenses, and travel—helping them operate more efficiently while reducing costs and complexity."
Mendel has already secured a dominant market position in Mexico and Argentina, serving leading enterprises such as Mercado Libre, FEMSA, and McDonald’s. With this new capital, the company will accelerate:
Mendel’s expansion comes at a time when global enterprises are demanding more automation, compliance, and real-time visibility into their financial operations. As the lines between travel, payments, and expense management continue to blur, Mendel is positioned to lead the way in Latin America with its integrated AI-powered platform.
Jason Kong, Partner at Base10 Partners, said, “Mendel is revolutionizing corporate spend management in Latin America by delivering an enterprise-grade, AI-first platform that eliminates inefficiencies and modernizes the financial stack for businesses. We are excited to support Alan, Alejandro, and the team as they scale across the region and establish Mendel as the dominant player in enterprise finance."
Ian Cox, Partner at PayPal Ventures, said, “Latin America is one of the most dynamic fintech markets in the world, yet enterprise spend management remains underserved. Mendel’s combination of software-first pricing, deep localization, and AI-driven automation makes them uniquely positioned to lead this space."
About Mendel
Mendel is the premier platform for managing enterprise spend in Latin America. By seamlessly integrating expense management, payments, and corporate travel, Mendel empowers finance teams to control budgets in real time. From setting rules to tracking expenses and travel bookings, Mendel provides a centralized, intuitive platform tailored to LATAM’s unique complexities. Trusted by leading enterprises like Mercado Libre, McDonald’s, and FEMSA, Mendel reduces costs, ensures compliance, and delivers actionable insights to transform how businesses operate. Learn more at www.mendel.com.
About Base10 Partners
Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and in companies that are automating sectors of the Real Economy. Through its program, the Advancement Initiative, Base10 donates a portion of firm profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Brex, Notion, Figma, Stripe, Wealthsimple, and SecureFrame. Connect via base10.vc.
About PayPal Ventures
PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in six areas of high strategic relevance to PayPal, including fintech, payments, commerce enablement, artificial intelligence, blockchain & cryptocurrency, and regulatory/cyber technology. Through the expertise, experience, and vast network of PayPal Ventures—and the companies we invest in—we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc.
Mendel Card + Expense Management app
Corporate user leveraging Mendel Expenses & Travel platform
MINNEAPOLIS (AP) — Thousands of people marched in Minneapolis Saturday to protest the fatal shooting of a woman by a federal immigration officer there and the shooting of two protesters in Portland, Oregon, as Minnesota leaders urged demonstrators to remain peaceful.
The Minneapolis gathering was one of hundreds of protests planned in towns and cities across the country over the weekend. It came in a city on edge since the killing of Renee Good on Wednesday by an Immigration and Customs Enforcement officer.
“We’re all living in fear right now,” said Meghan Moore, a mother of two from Minneapolis who joined the protest Saturday. “ICE is creating an environment where nobody feels safe and that’s unacceptable.”
On Friday night, a protest outside a Minneapolis hotel that attracted about 1,000 people turned violent as demonstrators threw ice, snow and rocks at officers, Minneapolis Police Chief Brian O’Hara said Saturday. One officer suffered minor injuries after being struck with a piece of ice, O’Hara said. Twenty-nine people were cited and released, he said.
Minneapolis Mayor Jacob Frey stressed that while most protests have been peaceful, those who cause damage to property or put others in danger will be arrested. He faulted “agitators that are trying to rile up large crowds.”
“This is what Donald Trump wants,” Frey said of the president who has demanded massive immigration enforcement efforts in several U.S. cities. “He wants us to take the bait.”
Minnesota Gov. Tim Walz echoed the call for peace.
“Trump sent thousands of armed federal officers into our state, and it took just one day for them to kill someone,” Walz posted on social media. “Now he wants nothing more than to see chaos distract from that horrific action. Don’t give him what he wants.”
The U.S. Department of Homeland Security says its deployment of immigration officers in the Twin Cities is its biggest ever immigration enforcement operation. Trump's administration has said both shootings were acts of self-defense against drivers who “weaponized” their vehicles to attack officers.
Connor Maloney said he was attending the Minneapolis protest to support his community and because he's frustrated with the immigration crackdown.
“Almost daily I see them harassing people,” he said. “It’s just sickening that it’s happening in our community around us.”
Steven Eubanks, 51, said he felt compelled to attend a protest in Durham, North Carolina, on Saturday because of the “horrifying” killing of Good in Minneapolis.
“We can’t allow it,” Eubanks said. “We have to stand up.”
Indivisible, a social movement organization that formed to resist the Trump administration, said hundreds of protests were scheduled in Texas, Kansas, New Mexico, Ohio, Florida and other states.
In Minneapolis, a coalition of migrant rights groups organized the demonstration that began in a park about half a mile from the residential neighborhood where the 37-year-old Good was shot on Wednesday. Marchers carried signs calling for ICE to leave and voiced support for Good and immigrants.
A couple of miles away, just as the demonstration began, an Associated Press photographer witnessed heavily armed officers — at least one in Border Patrol uniform — approach a person who had been following them. Two of the agents had long guns out when they ordered the person to stop following them, telling him it was his “first and final warning.”
The agents eventually drove onto the interstate without detaining the driver.
Protests held in the neighborhood have been largely peaceful, in contrast to the violence that hit Minneapolis in the aftermath of the killing of George Floyd in 2020. Near the airport, some confrontations erupted on Thursday and Friday between smaller groups of protesters and officers guarding the federal building used as a base for the Twin Cities crackdown.
O’Hara said city police officers have responded to calls about cars abandoned because their drivers have been apprehended by immigration enforcement. In one case, the car was left in park and in another case a dog was left in the vehicle.
He said immigration enforcement activities are happening “all over the city” and that 911 callers have been alerting authorities to ICE activity, arrests and abandoned vehicles.
The Trump administration has deployed thousands of federal officers to Minnesota under a sweeping new crackdown tied in part to allegations of fraud involving Somali residents. More than 2,000 officers were taking part.
Some officers moved in after abruptly pulling out of Louisiana, where they were part of another operation that started last month and was expected to last until February.
Three congresswomen from Minnesota attempted to tour the ICE facility in the Minneapolis federal building on Saturday morning and were initially allowed to enter but then told they had to leave about 10 minutes later.
U.S, Reps. Ilhan Omar, Kelly Morrison and Angie Craig accused ICE agents of obstructing members of Congress from fulfilling their duty to oversee operations there.
“They do not care that they are violating federal law,” Craig said after being turned away.
A federal judge last month temporarily blocked the Trump administration from enforcing policies that limit congressional visits to immigration facilities. The ruling stems from a lawsuit filed by 12 members of Congress who sued in Washington, D.C. to challenge ICE’s amended visitor policies after they were denied entry to detention facilities.
Associated Press writers Allen Breed in Durham, North Carolina, and Scott Bauer in Madison, Wisconsin, contributed.
People place flowers for a memorial at the site where Renee Good was fatally shot by an ICE agent in Minneapolis, Saturday, Jan. 10, 2026. (AP Photo/Jen Golbeck)
Protesters gather during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Friday, Jan. 10, 2026, in Minneapolis. (AP Photo/Jen Golbeck)
Protesters gather during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/John Locher)
Demonstrators protest outside the White House in Washington, Saturday, Jan. 10, 2026, against the Immigration and Customs Enforcement agent who fatally shot Renee Good in Minneapolis. (AP Photo/Jose Luis Magana)
Demonstrators march outside the White House in Washington, Saturday, Jan. 10, 2026, against the Immigration and Customs Enforcement agent who fatally shot Renee Good in Minneapolis. (AP Photo/Jose Luis Magana)
Demonstrators march outside the White House in Washington, Saturday, Jan. 10, 2026, against the Immigration and Customs Enforcement agent who fatally shot Renee Good in Minneapolis. (AP Photo/Jose Luis Magana)
Rep. Kelly Morrison D-Minn., center, Rep. Ilhan Omar, D-Minn., second from the right, and Rep. Angie Craig, D-Minn., far right, at the Bishop Whipple Federal Building, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Adam Gray)
Minneapolis Mayor Jacob Frey holds a news conference as Police Chief Brian O'Hara listens, on Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Jen Golbeck)
Protesters gather during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Adam Gray)
Federal agents stand outside the Bishop Henry Whipple Federal Building as protesters gather in Minneapolis, Saturday, Jan. 10, 2026. (AP Photo/Adam Gray)
Federal agents stand outside the Bishop Henry Whipple Federal Building as protesters gather in Minneapolis, Saturday, Jan. 10, 2026. (AP Photo/Adam Gray)
Protesters gather during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Adam Gray)
Federal agents look on as protesters gather during a rally for Renee Good, who was fatally shot by an ICE officer earlier in the week, Saturday, Jan. 10, 2026, in Minneapolis. (AP Photo/Adam Gray)
A woman holds a sign for Renee Good, who was fatally shot by an ICE officer in Minneapolis earlier in the week, as people gather outside the U.S. Immigration and Customs Enforcement facility Friday, Jan. 9, 2026, in Portland, Ore. (AP Photo/Jenny Kane)
Two people sit in the street with their hands up in front of Minnesota State Patrol during a protest and noise demonstration calling for an end to federal immigration enforcement operations in the city, Friday, Jan. 9, 2026, in Minneapolis. (AP Photo/John Locher)
Minnesota State Patrol officers are seen during a protest and noise demonstration calling for an end to federal immigration enforcement operations in the city, Friday, Jan. 9, 2026, in Minneapolis. (AP Photo/John Locher)
Minnesota State Patrol officers are seen during a protest and noise demonstration calling for an end to federal immigration enforcement operations in the city, Friday, Jan. 9, 2026, in Minneapolis. (AP Photo/John Locher)
Two people sit in the street holding hands in front of Minnesota State Patrol during a protest and noise demonstration calling for an end to federal immigration enforcement operations in the city, Friday, Jan. 9, 2026, in Minneapolis. (AP Photo/John Locher)
