London-based fintech Xelix has raised €137 million (approximately $160 million) in a Series B round led by Insight Partners, with continued backing from Passion Capital and LocalGlobe.
The AI-powered accounts payable (AP) automation startup plans to accelerate platform development and broaden adoption of its fraud-prevention solutions.
A new era for AP automation
Founded in 2018, Xelix has pioneered the use of AI in identifying overpayments, preventing invoice fraud, and streamlining supplier communications. Its platform integrates with existing ERP systems and currently audits over $750 billion in spend annually across 130+ enterprise clients including AstraZeneca, GSK, BAT, and Virgin Atlantic.
CEO Paul Roiter said the new funding “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.”
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Helpdesk module fuels growth
Xelix’s rapid expansion in 2024 was fueled by its Helpdesk module—a ticketing tool for managing high volumes of supplier queries. Combined with its AI audit and supplier reconciliation tools, the company now processes more than 115 million invoices annually.
Insight Partners Managing Director Ryan Hinkle called Xelix’s full audit approach a “comprehensive control layer” that “eliminates overpayments and fraud risk while driving major efficiencies.”
With fresh funding and increasing demand for automation in finance, Xelix aims to scale its agentic AI platform globally—turning AP into a competitive advantage rather than a liability.
