Xelix, a leading agentic AI software company in the Accounts Payable (AP) space, announced a $160 million Series B funding round led by global software investor Insight Partners, with follow-on investments from Passion Capital and LocalGlobe. This funding will enable Xelix to accelerate platform development and support more organizations in adopting AI for their finance operations.
For too long, companies have relied on manual processes and basic systems to manage Accounts Payable and vendor risk. As a result, enterprises lose millions each year to overpayments, face increased fraud risks and suffer from bloated and burdensome manual workflows. Recognizing the need for improved AP controls, Xelix’s AI-powered platform seamlessly integrates with existing systems to detect payment errors and fraud, automate supplier statement reconciliations and streamline AP Helpdesk operations. Enterprise organizations such as Astra Zeneca, BAT, GSK and Virgin Atlantic have achieved millions in cost savings with Xelix whilst transforming costly, manual AP processes into automated, intelligent workflows.
This investment follows a period of significant, capital-efficient growth for Xelix – driven by a differentiated product offering, massive customer ROI and a deep commitment to client support and value realisation.
“This funding marks a major milestone in our journey,” said Paul Roiter, CEO of Xelix. “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.”
Also Read: Currency.com Uses AI to Scale Smarter, Faster in Compliance
Xelix’s growth accelerated in 2024 with the addition of its Helpdesk module – an agentic AP ticketing tool for handling high volumes of supplier queries. The Xelix platform offers three core solutions, processes over 115 million invoices annually and audits more than $750 billion in spend across 130+ global customers.
“Enterprise finance teams have long lacked an audit and control solution that is intelligent, proactive, system-agnostic, and efficient enough to support their high-volume workflows,” said Ryan Hinkle, Managing Director at Insight Partners. “While spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse. 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. We are excited to back Paul, Phil, and the Xelix team in this next chapter of growth.”
As part of the investment, Hinkle and Alessandro Luciano, Vice President at Insight Partners, will join the Xelix board of directors.
Solano Partners, a boutique investment bank focused on founder-led software businesses, acted as exclusive financial advisor to Xelix on the transaction. Houlihan Lokey served as financial advisor to Insight Partners.
Source: PRNewswire