Xelix Secures USD 160 Million Series B Funding to Optimize AI in Accounts Payable

Xelix, a company focusing on AI development for Accounts Payable (AP), has recently secured a significant USD 160 million Series B funding round. This investment is aimed at accelerating the advancement and deployment of agentic AI within financial operations.

This round was spearheaded by Insight Partners, a global software investor, with follow-on investments from Passion Capital and LocalGlobe. The funds will be utilized to enhance platform development and assist organizations in integrating AI into their finance processes more effectively.

Designed to augment existing systems, Xelix’s AI platform is focused on enhancing AP operations by detecting payment errors and fraud, automating supplier statement reconciliations, and streamlining helpdesk functions. This initiative enables businesses to transform manual, costly AP procedures into intelligent, automated workflows, thereby driving operational efficiencies.

Details of the Funding Round

The company’s officials highlighted that these investments will also aid in accelerating product development, expanding market reach, and ensuring compliance with regulatory requirements. Xelix intends to continue meeting the evolving needs of its clients while leveraging AI to create a robust control layer. This will help reduce fraud risks and overpayments as well as automate routine AP tasks.

Through these efforts, finance teams can unlock significant cost savings, mitigate risks, and improve overall efficiency in Accounts Payable operations.