In a significant boost to its operations, London-based Xelix has obtained $160 million in a Series B funding round. The firm specializes in AI software for Accounts Payable (AP), standing out for its agentic capabilities. Investment from leading firms, including Insight Partners, aims to propel the company’s growth and technological development. This financial support paves the way for broader AI adoption in finance, promising enhanced automation and efficiency in AP processes.
With the latest funding, Insight Partners, a global software investor known for backing promising technology startups, continues its trend of investing in companies that aim to enhance their respective industries. The firm, managing over $90 billion in assets, has been a key player in the software investment landscape. Historical investments by Insight Partners have consistently focused on innovative firms pushing existing boundaries, such as those offering intelligent audit and control solutions for finance teams. Insight had previously expanded its portfolio to include companies aiming to bring major efficiencies in operational workflows.
Why is Insight Partners Investing in Xelix?
Insight Partners Managing Director, Ryan Hinkle, stated the long-standing absence of intelligent and proactive audit solutions for enterprise finance teams.
“While spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse,”
he explained, emphasizing how Xelix’s AI solutions aim to minimize overpayments and fraud risk. This strategic investment will allow Xelix to enhance its platform, enabling global enterprises to automate their AP tasks efficiently.
What Does the Funding Mean for Xelix’s Future?
The investment marks a strategic milestone for Xelix, as highlighted by CEO Paul Roiter.
“It allows us to accelerate product innovation, expand our market presence, and reinforce our position as a category leader,”
Roiter remarked. The firm plans to invest in its AI platform, transforming AP into a forward-thinking, data-driven business unit. This move represents a significant step towards strengthening Xelix’s market position.
Xelix has been pioneering the AP space since 2018 with its AI-powered platform aimed at reducing financial discrepancies. Over the years, the company has made strides in automating invoice processing and supplier reconciliations, delivering measurable savings for ESG-conscious companies like AstraZeneca and Virgin Atlantic. Recent updates, such as its Helpdesk module, have further accelerated Xelix’s market growth.
Today’s business environment demands more robust financial controls and error detection in AP processes, especially given increasing cybersecurity threats and the complex nature of global transactions. Xelix’s ability to audit an impressive volume of invoices annually highlights the increasing need for their technology. These capabilities are crucial in a world where efficient and secure financial operations can dictate business success.
By consistently refining its solutions, Xelix has carved out a niche in the competitive landscape of AP technologies. This strategic funding will further its mission to become the go-to AI solution for financial enterprises worldwide. As the company evolves, stakeholders can expect ongoing advancements in preventing financial fraud and maximizing operational efficiency.
