Xelix, the world’s first Accounts Payable Control Centre, has just completed a Series A investment of $5 million. The investment round was led by Fintop Capital alongside participation from existing investors – Passion Capital and Localglobe (which invested in &Open and Laka).
The funding will be used by Xelix, the invoice intelligence platform to bring new products to market and for team expansion to accelerate growth.
“Outside of basic invoice processing, the opportunity for ML-driven automation and process improvement within AP and the wider CFO office is huge.” said Paul Roiter, Co-founder and CEO at Xelix. “We’re excited to be working with investors that value our efficient growth and the massive market potential for our solutions. This fundraise will allow us to execute on our ambitious product roadmap and further scale our go-to-market teams”.
“Xelix is already working with some of the largest global companies, with crystal clear use cases and impressive ROI.” said John Philpott, General Partner at FINTOP Capital. “The opportunity in this space is enormous and we are excited to partner with Paul, Phil and the team to build a world-class company.”
Deploys AI to help finance teams
Finance teams have been burdened with clunky, unintuitive systems that require specialist training to use. A complex UI slows down the onboarding process, leaves new team members confused and hurts efficiency. Xelix was founded in 2018 in London by University friends Paul Roiter and Phillip Watts to change this condition. The startup provides customers with a solution that is painless to use.
Touted to be the world’s first invoice intelligence platform, Xelix’s technology combines best-in-class AI and machine learning to prevent overpayments, eliminate fraud and improve Accounts Payable productivity.
The key benefits include the prevention of incorrect payments and fraud, and automation of key AP processes enhancing team productivity. The solution aggregates data from different systems, providing a consolidated view of AP across a business. Xelix’s client base includes some of the biggest companies in the world, with key sectors including manufacturing, retail and government.
What does Xelix offer?
Currently, the Xelix platform has three solutions and all of them use machine learning to redesign core AP processes. Xelix Protect offers a machine-learning payment audit to identify high-risk transactions prior to the pay run. Xelix Statement Reconciliation provides an automated workflow to ensure accounting accuracy and compliance. Xelix Insight is a self-service business intelligence tool enabling rapid insights from payables data.
Its Accounts Payable (AP) solution enables companies to automate manual and time-consuming processes while delivering huge savings. The rapid growth has been fuelled by CFOs rushing to adopt new technology to transform their financial operations. The SaaS application bolts-on to ERP and procure-to-pay systems, providing deeply enriched functionality to supercharge the AP function.