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In a significant development for the fintech industry, Xelix, a UK-based accounts payable (AP) intelligence platform, has secured a US$160 million Series B funding round. This investment, led by Insight Partners with participation from existing investors Passion Capital and LocalGlobe, will drive expansion, product development, and global operations for the London-based company.
Founded in 2018 with a mission to address inefficiencies in accounts payable processes, Xelix's platform consists of three core modules: Transactions, Statements, and Helpdesk. The platform is designed to build a control system that reduces risk and simplifies AP operations, processing over 115 million invoices annually and auditing more than $750 billion in spend.
Ryan Hinkle and Alessandro Luciano of Insight Partners will join Xelix's board, marking their involvement in the company's growth. Paul Roiter, CEO of Xelix, stated that the funding will be used to accelerate product innovation, expand market presence, and reinforce Xelix's position as a category leader.
With the investment, Xelix plans to double down on product development. This includes enhancing its current modules for real-time transaction monitoring, workflow automation, data optimization, and self-service analytics. The platform also includes a Helpdesk module for supplier queries, launched last year, which will likely see further enhancements. By integrating seamlessly with existing ERP and finance systems, Xelix aims to automate more tasks, detect payment errors and fraud more effectively, and streamline AP operations.
Xelix's expansion plans involve increasing its global reach and supporting more organizations in adopting AI for their finance operations. Given that Xelix already serves major enterprises like Astra Zeneca, BAT, GSK, and Virgin Atlantic, the expansion will likely focus on both geographic growth and deeper penetration into existing markets.
In terms of global operations, Xelix's AI solution processes over 115 million invoices annually and audits more than $750 billion in spend. This scale indicates a strong foundation for global operations, with the potential to increase this capacity further with the new funding. Xelix's ability to support enterprises in reducing risks and driving efficiencies globally will be a key focus as it expands its offerings and market reach.
The current funding round marks a significant milestone in Xelix's mission to revolutionize Accounts Payable operations worldwide, leveraging AI to solve long-standing challenges in manual processes and vendor risk management. Notable clients of Xelix include AstraZeneca, BAT, GSK, and Virgin Atlantic, who have reported significant cost savings through automation and process improvement.
Xelix serves over 130 organizations with its platform, offering a solution to many organizations that continue to rely on manual workflows and outdated systems for accounts payable, leading to overpayments, increased fraud risks, and operational bottlenecks. The company's growth to date has been influenced by feedback and collaboration with customers and partners.
The investment was led by Insight Partners, a global software investor, with participation from existing investors Passion Capital and LocalGlobe. The funding follows a period of significant and capital-efficient growth for Xelix, underscoring the company's potential to lead the accounts payable industry with its innovative AI solutions.
In this tech-driven expansion, Xelix intends to invest the Series B funding in advancing their business operations and finance sector innovations, particularly focusing on product development that will enhance real-time transaction monitoring, workflow automation, data optimization, and self-service analytics.
With the increased global reach and adoption of AI for finance operations, Xelix aims to amplify their presence in various markets while supporting more organizations in streamlining their Accounts Payable processes worldwide.
