Xelix raises a massive $160 million series B round led by Insight Partners

Xelix, a pioneering agentic AI software company transforming Accounts Payable (AP), today announced it has closed a significant $160 million Series B funding round. The investment was led by global software investor Insight Partners, with continued participation from existing backers Passion Capital and LocalGlobe.

This substantial capital injection is set to accelerate Xelix's platform development, expand its market presence, and further solidify its leadership in bringing advanced AI to finance operations.

Founded in 2018, Xelix has made advances in the enterprise finance landscape. Their AI-powered platform focuses on a seamless integration path with existing ERP and finance systems, offering a sophisticated control center for AP teams.

 The company's solutions are designed to address long-standing challenges in Accounts Payable, including the detection of payment errors and fraud, the automation of supplier statement reconciliations, and the streamlining of AP Helpdesk operations.

This funding round will allow the company to accelerate product innovation, expand market presence, and enhance position as a category leader. This will also enable more finance teams to evolve Accounts Payable from a manual back-office function into a strategic, data-driven business partner.

For too long, businesses have grappled with manual, error-prone, and often high-risk AP processes. Xelix's agentic AI approach promises to change that with a solution that provides a proactive and intelligent layer of control, moving beyond traditional spot checks to offer comprehensive auditing of every invoice. This capability is proving invaluable for large enterprises, with Xelix currently serving over 130 global customers, including industry giants like AstraZeneca, BAT, GSK, and Virgin Atlantic.

These clients have reportedly enhanced efficiency by transforming their AP workflows. Xelix uses AI to deliver a control layer, helping enterprises eliminate overpayments and fraud risk while driving major efficiencies by automating day-to-day AP tasks. 

The company's growth has been particularly notable in 2024, driven in part by the successful launch of its Helpdesk module, an agentic AP ticketing tool designed to efficiently manage high volumes of supplier queries. Currently, Xelix's platform offers three core solutions, processing significant volume annually and auditing billions in spend across its diverse customer base.

This latest funding round follows Xelix's $5 million Series A in June 2022, led by FINTOP Capital, demonstrating a consistent trajectory of strong performance and investor confidence. With its headquarters in London and a US office in Wilmington, Delaware, Xelix is in a pole position to continue its rapid expansion, empowering more companies to automate their Accounts Payable processes and modernize the CFO Office.

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