Full access to Entrepreneur for $5
Subscribe

This fintech wants to help companies make their expense reporting processes transparent

It is an innovative platform that optimizes and reimagines corporate spending, through a technological ecosystem that combines an advanced financial management tool and a smart Visa corporate credit card.

By
This article was translated from our Spanish edition. Opinions expressed by Entrepreneur contributors are their own.

Mendel, the Mexican technology startup that seeks to revolutionize the financial management processes of companies, announced its official launch in Mexico with the aim of promoting its digital solutions in the country and the region.

Depositphotos.com

It is an innovative platform that optimizes and reimagines corporate spending, through a technological ecosystem that combines an advanced financial management tool and a smart Visa corporate credit card. The company has its own offices and a team of more than 30 people, with the aspiration of being 150 within a year.

"We help companies of any business or size to make their expense reporting processes transparent, to improve the relationship of the teams with the administration department, saving the most important resources: time and money," explained Alejandro Zecler, co-founder of Mendel .

In a context where more and more companies seek to consolidate a more horizontal, decentralized and transparent organization, to optimize time and resources, Mendel is an ideal solution for CFO's and accountants. Its technology allows you to save money through the reduction of fraud, the reduction of taxes for unverifiable expenses and the work of Finance and HR teams in processes of rendering and reimbursement of expenses.

Thanks to its smart technology, those who make purchases simply have to take a photo of the receipt and Mendel will take care of cataloging it, assigning it to the correct budget and generating the invoice to make the deductible expense. In turn, the system detects redundant subscriptions and also makes suggestions about savings opportunities based on the analysis of your transactions through big data, machine learning and artificial intelligence.

Founders Mendel

The solution is accompanied by the corporate Mendel Visa credit card, issued by Accendo Banco, enabled with technology for contactless payments and non-visible security elements.

The Mendel Corporate Visa card enables company employees to pay their travel and entertainment expenses securely at the millions of Visa-accepting locations around the world, while the company manages expenses more efficiently, simplifying expense reports, reducing costs and time.

"At Visa, we collaborate with pioneering fintechs and startups to simplify and accelerate the adoption of innovative digital payments in the country, create new experiences and solve user needs," said Luz Adriana Ramírez, general director for Visa Mexico. “Companies are looking for more fluid interactions and access to a broader set of digital functionalities that offer them flexibility and the information they need to efficiently manage the expenses of their collaborators; solutions such as the corporate Mendel Visa card adds to the offer and capabilities of the Mendel platform, providing the reliability and technology necessary to help solve the needs of this segment ”.

A Y Combinator bet

This year, Mendel received investment from Y Combinator, the legendary Silicon Valley accelerator from which companies such as AirBnB, Rappi and Stripe came out, which highlighted Mendel among the 30 most important Latin startups and the eight young companies focused on the fintech sector. .

We want to promote this evolution with the certainty that we are building the future of corporate finance through an innovative, flexible product, companies controlling their expense surrender, while empowering employees to make better decisions regarding the use of the budget. of the company; all through the best technology for financial management ”, commented Zecler.

Photo: Courtesy Mendel

In this way, the company is consolidated as a benchmark in the financial services market and a strategic ally of the business and corporate segment of the country.

In this regard, Zas pointed out: “For a company, whatever its size or activity, creating smarter financial management is not only possible, but necessary. At Mendel we have the mission of achieving increasingly transparent and simple processes in a new world of work where the empowerment of its members with efficient control is the key to success. We want to promote this evolution with the certainty that we are building the future of corporate finance through an innovative, flexible, adaptable and constantly evolving product ”.