Xelix, the London-based financial technology company, has completed a $160 million Series B funding round to advance its artificial intelligence platform for accounts payable operations. The investment, led by Insight Partners with backing from existing investors Passion Capital and LocalGlobe, represents one of the larger funding rounds in the enterprise AI space this year.
The six-year-old company has built specialized AI technology that addresses manual processes within corporate finance departments. Xelix’s platform identifies payment discrepancies, guards against fraudulent transactions, and handles supplier reconciliation tasks that traditionally require significant human oversight.
Platform Integration and Customer Growth
The company’s software connects with established enterprise resource planning systems and existing finance infrastructure, allowing organisations to maintain their current workflows whilst adding AI-powered oversight. This approach has attracted more than 130 corporate clients globally, including pharmaceutical giant AstraZeneca, tobacco company BAT, healthcare firm GSK, and airline Virgin Atlantic.
Xelix’s platform now processes over 115 million invoices annually whilst auditing more than $750 billion in corporate spending. The scale of these operations underscores the substantial volume of financial transactions that require automated oversight in large enterprises.
Helpdesk Module Drives Recent Growth
Recent growth has been particularly strong following the introduction of the company’s Helpdesk module, an AI-driven system that manages supplier enquiries through automated ticketing processes. This addition represents Xelix’s expansion beyond pure audit functions into broader accounts payable management.
The new funding will support continued product development and market expansion, with particular focus on converting additional manual back-office operations into automated workflows powered by artificial intelligence.
Industry Context and Market Opportunity
Enterprise finance departments have historically relied on sampling methods to review invoices and payments, leaving gaps in oversight that can lead to financial losses. Traditional audit approaches often examine only a fraction of transactions, creating opportunities for errors or fraudulent activity to pass undetected.
“This funding marks a major milestone in our journey. It allows us to accelerate product innovation, expand our market presence and reinforce our position as a category leader.” ~ Paul Roiter, CEO & Co-Founder at Xelix.
Insight Partners managing director Ryan Hinkle noted the comprehensive nature of Xelix’s approach: “While spot checks are helpful, anything less than a full audit of every invoice leaves potential for fraud, mistakes, or abuse.”
Board Changes and Strategic Direction
As part of the investment agreement, Insight Partners managing director Ryan Hinkle and vice president Alessandro Luciano will join Xelix’s board of directors, bringing additional strategic oversight as the company scales its operations.
The funding round positions Xelix to compete more aggressively in the enterprise AI market, where demand for automated financial controls continues to grow among large corporations seeking to reduce operational costs and improve accuracy in their finance functions.