Xelix Raises $160m Series B for Accounts Payable AI Platform
Xelix has secured US$160m in Series B funding led by Insight Partners, with participation from existing investors Passion Capital and LocalGlobe.
The accounts payable software company will use the capital to accelerate platform development and expand its market presence.
The London-based fintech has developed an artificial intelligence platform that integrates with existing enterprise resource planning systems to detect payment errors and fraud whilst automating supplier statement reconciliations.
The company processes over 115 million invoices annually and audits more than US$750bn in spend across its customer base.
Manual processes cost enterprises millions annually through overpayments and fraud risks, according to Xelix. The platform addresses these inefficiencies by providing automated workflows that replace manual back-office functions.
Agentic AI drives growth
The funding follows the 2024 launch of Xelix's Helpdesk module, an agentic accounts payable ticketing system designed to handle supplier queries at scale. The addition contributed to what the company describes as capital-efficient growth during the period.
Paul Roiter, CEO Xelix, says the funding represents a milestone in the company's development.
“It allows us to accelerate product innovation, expand our market presence and reinforce our position as a category leader – enabling more finance teams to evolve accounts payable from a manual back-office function into a strategic, data-driven business partner.”
The platform operates across three core solutions and serves enterprise clients including AstraZeneca, BAT, GSK and Virgin Atlantic. Xelix was founded in 2018 and has positioned itself as a specialist in accounts payable audit and controls technology.
Insight Partners joins board
Ryan Hinkle, Managing Director at Insight Partners, will join the Xelix board alongside Alessandro Luciano, vice president at the investment firm.
Hinkle describes enterprise finance teams as lacking intelligent audit and control solutions capable of supporting high-volume workflows.
“While spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse,” says Hinkle. “Xelix uses AI to deliver a comprehensive control layer – helping enterprises eliminate overpayments and fraud risk while driving major efficiencies by automating day to day AP tasks.”
The investment reflects growing investor interest in fintech solutions that address enterprise back-office functions through artificial intelligence.
Accounts payable represents a particular focus area given the volume of transactions and potential for automation.
Transaction advisers
Solano Partners served as exclusive financial adviser to Xelix on the transaction. The boutique investment bank specialises in founder-led software businesses. Houlihan Lokey advised Insight Partners on the deal.
The Series B round builds on previous funding from Passion Capital and LocalGlobe, both of which participated in the latest financing.
The investment will support Xelix's expansion plans as it seeks to capture additional market share in the accounts payable automation sector.
Xelix's platform operates by connecting to existing financial systems rather than requiring wholesale replacement of enterprise infrastructure.
This approach has enabled the company to secure contracts with large multinational corporations that typically maintain complex technology environments.
The accounts payable market has attracted increased attention from fintech investors as enterprises seek to digitise manual processes and improve financial controls.
Solutions that combine artificial intelligence with existing enterprise systems have emerged as a particular area of focus.
Hinkle says Insight Partners was attracted to Xelix's comprehensive approach to accounts payable controls. “We are excited to back Paul and the Xelix team in this next chapter of growth.”