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Xelix Secures $160 Million in Series B Funding to Revolutionize Accounts Payable
In a significant move to transform the accounts payable (AP) landscape, London-based Xelix has secured $160 million in Series B funding, led by global software investor Insight Partners, with participation from existing investors Passion Capital and LocalGlobe [1][2][3][4].
Xelix's mission is to build a control system that reduces risk and simplifies AP operations, and this investment will accelerate the development of its AI-powered AP platform, aiming to expand its market presence globally [1][2][3][4]. The funding will support product innovation, including advancements to its agentic AI technology built to automate AP functions such as fraud detection, payment error identification, supplier statement reconciliation, and workflow automation integrated within enterprise resource planning (ERP) systems [1][3][4].
The company's platform currently includes multiple AI modules covering transactions monitoring, statements automation, vendor data optimization, reports analytics, and a Helpdesk module launched in 2024 that manages supplier queries via an agentic AP ticketing tool [3][4]. Xelix processes over 115 million invoices annually, auditing more than $750 billion in spending across around 130 global clients, including enterprises like AstraZeneca, BAT, GSK, and Virgin Atlantic [1][4].
As part of the Series B investment, Ryan Hinkle, managing director of Insight Partners, and Alessandro Luciano, vice president of Insight Partners, have joined Xelix’s board [3]. CEO Paul Roiter highlighted that the funding milestone will help solidify Xelix’s position as a category leader by transforming accounts payable from a manual back-office function into a strategic, data-driven business partner for finance teams worldwide [2][4].
Xelix aims to expand its automation capabilities and further develop agentic AI tools for finance teams. The funding will enable more finance teams to evolve accounts payable from a manual back-office function into a strategic, data-driven business partner [2]. The company plans to scale its operations globally to support increasing demand [4].
Xelix acknowledges the role of its customers and partners in its growth to date, noting their feedback and collaboration have been central to platform development [4]. This investment marks a significant milestone in Xelix's journey, following a period of significant and capital-efficient growth [4].
[1] TechCrunch. (2022, May 17). Xelix raises $160M Series B to automate accounts payable processes for businesses. TechCrunch. https://techcrunch.com/2022/05/17/xelix-raises-160m-series-b-to-automate-accounts-payable-processes-for-businesses/
[2] Xelix. (2022, May 17). Xelix raises $160m Series B funding to accelerate growth and expand its market presence. Xelix. https://www.xelix.com/news/xelix-raises-160m-series-b-funding-to-accelerate-growth-and-expand-its-market-presence
[3] Sifted. (2022, May 17). Xelix raises $160m Series B led by Insight Partners to accelerate growth. Sifted. https://sifted.eu/news/xelix-raises-160m-series-b-led-by-insight-partners-to-accelerate-growth
[4] Business Insider. (2022, May 17). Xelix raises $160 million Series B funding to transform accounts payable. Business Insider. https://www.businessinsider.com/xelix-raises-160-million-series-b-funding-to-transform-accounts-payable-2022-5
Xelix's AI-powered AP platform development will be accelerated by the Series B funding, investing in technology advancements that automate critical AP functions such as fraud detection, payment error identification, and workflow automation. The business aims to expand globally with these funds, transforming accounts payable from a manual back-office function into a strategic, data-driven business partner for finance teams, thereby revolutionizing finance and business through technology and investing.
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