Mendel Works to Generate the Best Technology Solution for CFOsBy Sofía Hanna | Wed, 02/16/2022 - 09:14
Q: What are the advantages of fusing a financial management platform with a smart corporate credit card?
A: Mendel originated from the recognition that the world of credit cards and software were disconnected, they were two platforms going in separate directions. Merging a corporate credit card with a platform that allows these cards to be intelligent has been one of the company’s great achievements. We live in a digital world and by acting within that world, everything results in information and analytics. Among the advantages is the use of this data for better decision-making.
Q: With an increasing number of companies competing in the financial management and fintech market in Mexico, why should Mendel be the first choice for Mexican companies?
A: Mendel targets mid to large-size companies that need not only a credit card but also a platform that allows them to connect to the solutions they use. The approach from the technology side is different between what a startup requires and what a larger company might need. Mendel specifically focuses on the problems of large corporations that need to have greater control of what goes on financially and which need solutions that help them with electronic invoicing, for example. It is important to have this service because many companies lose a great deal of money in these processes. Mendel can reinforce these processes and create savings for these companies.
Q: Why is your relationship with VISA important?
A: We both seek to revolutionize the market and provide easier and more accessible solutions that differ from traditional banking. Our alliance with Visa also speaks to the positive synergy between both Mendel and Visa, in the sense of seeking to modernize our offerings through these types of solutions.
Q: What is the importance of giving associates autonomy in regard to their expenses?
A: One of our catchphrases is, “empower employees while keeping company finances under control.” There are many elements of corporate expense accounts that can be reimagined and by adding the use of a credit card, employees enjoy the kind of freedom they did not have previously. There are a great many expenses that many companies have not been able to pay by credit card or were not aware they could be paid by credit card. Mendel facilitates this new means of payment. Using our solution helps reduce expenses by 30 or even 50 percent.
Q: What is Mendel’s role in helping advance financial inclusion in Mexico?
A: Many people had avoided anything that had to do with digital previously but as a result of the pandemic, the use of online commerce has skyrocketed. There is a great deal to be done in terms of educating people and companies on the benefits of financial inclusion. Our business target is already quite immersed in digital payments. Even so, the rate of corporate credit card availability is really very low compared to the potential of being able to empower employees. Payments through digital media must continue to be strengthened because the use of cash in Latin America and Mexico remains high.
Q: What are Mendel’s near-term growth expectations and expansion plans?
A: We are going to continue to expand Mendel’s software to become the solution for CFOs and the finance sector that allows them to manage the functionalities of company finance departments. Today, we have 100 employees. Our goal is to double that. We also want to solidify our footprint in the Mexican market and then expand to other countries in the region.
Mendel simplifies companies’ expense submission and approval processes. The company is a fusion between a technological platform and a smart credit card, designed for large Mexican companies.