Xelix, the London-based accounts payable (AP) intelligence platform, has announced the close of a US$160 million Series B funding round.

The investment was led by Insight Partners, a global software investor, with participation from existing investors Passion Capital and LocalGlobe.

The funding follows a period of significant and capital-efficient growth, supported by Xelix’s differentiated product offering, measurable customer ROI, and strong focus on customer success.

“This funding marks a major milestone in our journey,”

said 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 was founded in 2018 to address long-standing inefficiencies in accounts payable processes.

Many organisations continue to rely on manual workflows and outdated systems, leading to overpayments, increased fraud risks and operational bottlenecks.

The company set out to build a control system that reduces risk and simplifies AP operations.

Xelix’s platform currently includes three core modules: Transactions, Statements and Helpdesk.

These tools audit over 115 million invoices and more than US$750 billion in spend each year, across a customer base of over 130 organisations.

Notable clients include AstraZeneca, BAT, GSK and Virgin Atlantic, who have reported significant cost savings through automation and process improvement.

With this investment, Xelix plans to double down on product development, expand its automation capabilities and further develop agentic AI tools for finance teams.

The company also aims to scale its operations globally to support increasing demand.

Xelix has also announced that Ryan Hinkle and Alessandro Luciano of Insight Partners will join its board.

Both bring extensive experience in scaling high-growth software businesses and will support the company’s continued expansion.

The company acknowledged the role of its customers and partners in its growth to date, noting their feedback and collaboration have been central to platform development.

Xelix remains focused on delivering intelligent, practical tools that help finance teams work more efficiently and strategically.

Featured image credit: Xelix