London-based Xelix, an agentic AI software company specialising in Accounts Payable (AP), has secured $160 million (approximately €137 million) in a Series B funding round. The investment was led by Insight Partners, a New York-based software investor known for partnering with high-growth technology startups, with follow-on contributions from Passion Capital and LocalGlobe. According to Insight Partners, which manages over $90 billion in regulatory assets and has participated in more than 800 companies globally, this funding round marks a significant step in advancing AI-driven innovation within finance operations.
Xelix’s platform offers enterprises an intelligent, proactive, and system-agnostic audit and control solution that targets the traditionally manual and error-prone processes within AP functions. Ryan Hinkle, Managing Director at Insight Partners, highlighted the limitations of traditional approaches, noting that “while spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse.” He added that Xelix’s AI capabilities enable a comprehensive control layer to eliminate overpayments and fraud risks while automating daily AP tasks, thereby boosting efficiency.
Founded in 2018, Xelix has pioneered AI-powered accounts payable audit and controls, integrating seamlessly with existing ERP and finance systems. Its platform detects payment errors and fraud, automates supplier statement reconciliations, and streamlines AP Helpdesk operations. This comprehensive approach has reportedly helped clients such as AstraZeneca, British American Tobacco (BAT), GlaxoSmithKline (GSK), and Virgin Atlantic save millions by replacing manual workflows with efficient automation.
The company’s growth accelerated notably in 2024 with the launch of its Helpdesk module, designed to manage high volumes of supplier queries via agentic ticketing. Currently, Xelix processes over 115 million invoices annually and audits more than $750 billion of spend across more than 130 global customers. Its platform comprises five key modules: Statements, Helpdesk, Transactions, Vendors, and Reports, all serving to enhance controls, prevent fraud and incorrect payments, and improve vendor query resolution.
The recent funding will fuel further platform development and support adoption of AI technologies by more organisations looking to transform their finance operations. Paul Roiter, CEO of Xelix, described the capital injection as a milestone, enabling the company to accelerate innovation, expand market presence, and cement its leadership in the AI-driven AP space. “This funding allows us to evolve Accounts Payable from a manual back-office function into a strategic, data-driven business partner,” Roiter said.
Insight Partners will deepen its involvement with Xelix as Ryan Hinkle and Alessandro Luciano, Vice President at Insight Partners, join Xelix’s board of directors. Independent advice on this funding round was provided by law firm Willkie, underscoring the strategic importance of this investment.
Xelix’s growth reflects broader trends in fintech where AI and automation are being leveraged to tackle inefficiencies and fraud risks inherent in traditional business processes, particularly in finance departments burdened by high-volume, high-risk workflows. The company’s emphasis on agentic AI technology—autonomous systems capable of managing complex workflows—positions it well to meet growing enterprise demands for smarter, more scalable AP solutions.
Overall, Xelix’s substantial Series B financing signals strong investor confidence in the transformative potential of AI in accounts payable and finance operations globally, marking a pivotal moment for the company and the broader fintech ecosystem.
Source: Noah Wire Services
