London-based Xelix, an agentic AI software company in the Accounts Payable (AP), has secured $160M (approximately €137M) in a Series B funding round led by Insight Partners, with follow-on investments from Passion Capital and LocalGlobe.
Based out of New York, Insight Partners is a software investor partnering with high-growth technology, software, and Internet startups and ScaleUp companies that are driving transformative change in their industries.
As of December 31, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO.
“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,” says 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 have Paul, Phil, and the Xelix team back in this next chapter of growth,” adds Hinkle.
The funding will enable the UK company to accelerate platform development and support more organisations in adopting AI for their finance operations.
As part of the investment, Hinkle and Alessandro Luciano, Vice President at Insight Partners, will join the Xelix board of directors.
“This funding marks a major milestone in our journey,” says 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: Pioneered accounts payable audit and controls space
Companies have long used manual processes to manage Accounts Payable (AP) and vendor risk, resulting in millions lost to overpayments and increased fraud risks.
Founded in 2018, Xelix offers an AI-powered platform that integrates with existing systems to detect payment errors, automate supplier reconciliations, and streamline AP Helpdesk operations.
The company helps finance teams reduce risk, unlock cost savings, and drive greater efficiency across Accounts Payable.
Enterprise clients like AstraZeneca, BAT, GSK, and Virgin Atlantic claim to have saved millions by their manual AP processes with efficient, automated workflows.
The company’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 115M invoices annually, and audits more than $750B in spend across 130+ global customers.
