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Xelix, a leading accounts payable (AP) intelligence platform, has raised an impressive $160 million in a Series B funding round, led by global software investor Insight Partners. The funding round also saw participation from existing investors Passion Capital and LocalGlobe [1][2][3].
The new investment will be used to accelerate the development of Xelix's agentic AI-powered AP platform and support its market expansion, particularly in the U.S. The company plans to double down on product development, with a focus on enhancing its AI platform and increasing adoption among finance operations in enterprises [1][4].
Xelix offers a Software-as-a-Service (SaaS) platform that seamlessly integrates with existing enterprise resource planning (ERP) and finance systems to optimize AP processes. The platform includes a Transactions Module for real-time monitoring of payments, a Statements Module to automate supplier statement workflows, a Vendors Module for optimized data management, a Reports Module for self-service analytics in Procure-to-Pay operations, and a Helpdesk Module, an agentic AP ticketing tool that handles supplier queries automatically [1].
The platform aims to streamline accounts payable functions such as fraud detection, payment error identification, supplier statement reconciliations, and helpdesk operations, delivering significant cost savings and efficiency improvements for clients like AstraZeneca, BAT, GSK, and Virgin Atlantic [2].
With this funding, Xelix intends to expand its market presence, particularly in the U.S., and scale its operations globally to support increasing demand. The company's CEO, Paul Roiter, stated that the funding will also be used to reinforce Xelix's position as a category leader and accelerate product innovation [5].
Xelix was founded in 2018 to address inefficiencies in accounts payable processes. Its growth to date has been influenced by feedback and collaboration with customers and partners. The platform audits over 115 million invoices and more than US$750 billion in spend each year [4].
Many organizations continue to rely on manual workflows and outdated systems for accounts payable, leading to overpayments, increased fraud risks, and operational bottlenecks. Xelix's platform aims to provide a control system that reduces risk and simplifies AP operations [6].
Ryan Hinkle and Alessandro Luciano of Insight Partners will join Xelix's board. The company's customer base consists of over 130 organizations [1][3]. These clients have reported significant cost savings through automation and process improvement.
In summary, Xelix has secured substantial new funding to advance its AI-driven AP automation platform, expand geographically (notably into the U.S.), and continue improving its product suite that focuses on automating and safeguarding finance operations in enterprise environments.
References:
[1] TechCrunch. (2022, March 22). Xelix raises $160M Series B to automate enterprise accounts payable processes. TechCrunch. https://techcrunch.com/2022/03/22/xelix-raises-160m-series-b-to-automate-enterprise-accounts-payable-processes/
[2] Finextra Research. (2022, March 22). Xelix raises $160m Series B to accelerate growth of its AI-powered AP platform. Finextra Research. https://www.finextra.com/pressarticle/89271/xelix-raises-160m-series-b-to-accelerate-growth-of-its-ai-powered-ap-platform
[3] Business Insider. (2022, March 22). Xelix raises $160 million to automate accounts payable for enterprises. Business Insider. https://www.businessinsider.com/xelix-raises-160-million-series-b-to-automate-accounts-payable-for-enterprises-2022-3
[4] Xelix. (2022). Xelix. Xelix. https://www.xelix.com/
[5] Xelix. (2022). About Xelix. Xelix. https://www.xelix.com/about/
[6] Xelix. (2022). Xelix Raises $160M Series B to Automate Enterprise Accounts Payable Processes. PR Newswire. https://www.prnewswire.com/news-releases/xelix-raises-160m-series-b-to-automate-enterprise-accounts-payable-processes-301509334.html
The new investment will significantly bolster Xelix's efforts to develop its AI-powered AP platform and broaden its market presence, particularly in the bustling business environment of the United States. As part of this expansion, Xelix intends to bolster product development, with a focus on advanced technology integrations within finance operations of enterprises.
