(Bloomberg) -- Mendel, a Mexico-based fintech that offers financial management products for companies, raised debt financing and extended its Series A round as it looks to support software development and growth.
Victory Park Capital led the $50 million debt financing, while the company also extended its Series A round by $10 million, Chief Product Officer Helena Polyblank said in an interview.
“All our operation is currently focused on Mexico”, said Polyblank, who helped found the company, adding that Colombia and Brazil are possible markets for expansion in the region at a later date.
Mendel plans to double its client base to 600 by the end of 2023, said co-founder Alejandro Zecler. FEMSA, MercadoLibre, Petco, and Bafar are among current customers in Mexico.
With a staff of 74 people in Mexico and Argentina, 45% of which are women, Mendel helps companies manage corporate credit cards, spending, invoices and tax deductions, among other services.
Industry Ventures and Infinity Ventures participated in the Series A extension.
--With assistance from Paola Vega Torre.
©2022 Bloomberg L.P.
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