PayPal: PayPal invests in Latin American spend management platform Mendel

Existing investors Infinity Ventures, Industry Ventures, Hi.vc, and Endeavor Catalyst also participated. Used by large enterprises in Mexico and Argentina - including Mercado Libre, FEMSA, and McDonald's - Mendel integrates expense management, payments, and corporate travel. The company differentiates itself from traditional players with a software-first, enterprise-focused approach and says it is able to charge recurring SaaS fees - a fundamental departure from competitors relying on interchange revenue or lending-based models. The firm will use the new funds on AI development, talent acquisition, and expansion into Chile, Colombia, and Peru in 2025, with Brazil targeted for 2026. Ian Cox, partner, PayPal Ventures, says: "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."