Xelix Secures $160 Million in Series B Funding Led by Insight Partners

Xelix, a top AI software company in the Accounts Payable (AP) space, has announced a $160 million Series B funding round led by Insight Partners, with follow-on investments from Passion Capital and LocalGlobe. This substantial funding will facilitate Xelix's platform development and its support for organizations in adopting AI for their finance operations. The company's AI-powered platform integrates seamlessly with existing systems to detect payment errors and fraud, automate supplier statement reconciliations, and streamline AP Helpdesk operations.

Notable enterprise organizations such as Astra Zeneca, BAT, GSK, and Virgin Atlantic have experienced significant cost savings with Xelix, transforming manual AP processes into automated, intelligent workflows. The funding follows a period of remarkable growth for Xelix, driven by its product offering, customer ROI, and dedication to client support. Xelix witnessed accelerated growth in 2024 with the introduction of its Helpdesk module, and its platform now offers three core solutions, processing over 115 million invoices annually.

Insight Partners' Managing Director, Ryan Hinkle, emphasized the importance of a comprehensive control layer to eliminate overpayments and fraud risk, expressing excitement to support Xelix's next phase of growth. As part of the investment, Hinkle and Alessandro Luciano will join the Xelix board of directors. Xelix was advised by Solano Partners on the transaction, with Houlihan Lokey serving as financial advisor to Insight Partners. Established in 2018, Xelix's AI-driven platform enhances AP controls, aids in cost reduction, and drives efficiency across Accounts Payable processes.