Xelix Secures $160 Million to Enhance AI in Accounts Payable

Xelix has raised $160 million in a Series B funding round led by Insight Partners to advance its AI platform for Accounts Payable, aiming to improve efficiency and reduce fraud.

Xelix has secured $160 million in a Series B funding round led by Insight Partners, with additional investments from Passion Capital and LocalGlobe, announced in a press release. This funding will be used to accelerate the development of Xelix's AI platform, which aims to transform manual Accounts Payable processes into automated, intelligent workflows.

The Xelix platform integrates with existing systems to detect payment errors and fraud, automate supplier statement reconciliations, and streamline AP Helpdesk operations. Notable clients such as Astra Zeneca, BAT, GSK, and Virgin Atlantic have already benefited from significant cost savings and improved efficiency by adopting Xelix's solutions.

The investment follows a period of substantial growth for Xelix, driven by its innovative product offerings and commitment to client support. The company processes over 115 million invoices annually and audits more than $750 billion in spend across 130+ global customers. As part of the investment, Ryan Hinkle and Alessandro Luciano from Insight Partners will join the Xelix board of directors.

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