Xelix Secures $160 Million Series B Funding to Advance AI Innovation in Accounts Payable

Xelix secures $160 million Series B to advance agentic AIinnovation in accounts payable

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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." 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. Today, 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.

Xelix Raises $160 Million to Bring Agentic AI to Accounts Payable | PYMNTS.com

The company's Series B round will help Xelix develop its platform and support more companies in adding AI to their finance operations, according to a Monday (July 21) news release. "For too long, companies have relied on manual processes and basic systems to manage accounts payable and vendor risk," Xelix said in a news release. "As a result, enterprises lose millions each year to overpayments, face increased fraud risks and suffer from bloated and burdensome manual workflows." With the need for better accounts payable (AP) controls in mind, Xelix says its platform integrates with companies' systems to spot payment errors and fraud, automate supplier statement reconciliations and streamline AP helpdesk operations. The release notes that companies including Astra Zeneca, GSK and Virgin Atlantic have used Xelix's offerings to automate manual AP processes. The company's new funding round is happening as enterprises are increasingly using AI for their financial operations. Research by PYMNTS Intelligence shows that a little more than a third of American chief financial officers (CFOs) at large enterprises were actively using AI in their AP programs. Another 43% are interested in integrating AI across AP but have yet to do so. "Traditionally, the AP process has been reactive," PYMNTS wrote in May. "An invoice arrives, it is reviewed, entered into an enterprise resource planning (ERP) system, matched with a purchase order, and scheduled for payment. It is a labor-intensive process prone to human error and delays." But as AI advances, AP is advancing with it, transforming from a "reactive cost center" to "a proactive, strategic force within the enterprise," the report added. At the same time, additional PYMNTS Intelligence research finds some reluctance among mid-market companies in adopting agentic AI. The reasons are both strategic and psychological, with 80% of high-automation enterprises pointing to data security and privacy as their top concern with agentic AI. "While the technological potential is enormous, the readiness of systems (and humans) is far less clear," LYMNTS wrote earlier this month. "For AI to take action autonomously, executives must trust not just the output, but the entire decision-making process behind it. That trust is hard to earn -- and easy to lose."