Our next chapter: Xelix secures $160 million Series B to advance agentic AI innovation in Accounts Payable

We’ve got some big news to share: Xelix has just closed a $160 million Series B funding round, led by Insight Partners – a global software investor known for backing category-defining companies at the forefront of innovation.

This investment follows a period of significant, capital-efficient growth - driven by our differentiated product offering, proven customer ROI and a deep commitment to customer support and value realisation.

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

Paul Roiter, CEO of Xelix

The agentic future of Accounts Payable

For too long, companies have relied on manual processes and sub-par systems to manage Accounts Payable and vendor risk. As a result, organisations lose millions each year to overpayments, face increased fraud risks and suffer from bloated and burdensome manual workflows.

Recognising the opportunity to build a far more sophisticated control system for AP teams, we got to work launching Xelix in 2018 – long before AI was a must-have. The ultimate goal was to free AP from the back-office grind with a solution that just  worked.

“From the start, the goal has been to use AI to help AP teams move beyond routine tasks and become more strategic partners. Our focus has always been on creating solutions that genuinely deliver value - making it easier for teams to spot risks early and take confident, proactive action. It’s about empowering customers, not just chasing the latest trends.”  

Phil Watts, Co-founder of Xelix

Today, our platform offers three core solutions - Transactions, Statements and Helpdesk - auditing over 115 million invoices and more than $750 billion in spend annually across 130+ global customers. We’re delighted to have helped organisations such as Astra Zeneca, BAT, GSK and Virgin Atlantic achieve millions in cost savings whilst transforming costly, manual AP processes into automated, intelligent workflows.

Co-founder, Phil Watts presenting agentic Helpdesk solution to customers - October 2024

This investment validates our vision and underscores our commitment to transforming the future of finance with intelligent, agentic workflows. With backing from Insight Partners, alongside continued support from Passion Capital and LocalGlobe, we are well positioned to double down on product development - building smarter tools, adding more automation and continuing to evolve agentic AI for finance teams.

We’re excited to scale our operations and serve a growing number of enterprises across the world.

A community driven journey

We wouldn’t be here without the support, feedback and trust of our customers and partners. Many of you have been with us from the start, helping to shape the platform and pushing us to go further. Others have joined more recently and brought fresh energy and ideas. Either way, you’re a big part of our journey.

Xelix Connect Customer Event, Nashville 2025

So, from all of us at Xelix – thank you.

Here’s to the next chapter, and everything we’re about to build together.

Finally, we're thrilled to have Insight Partners', Ryan Hinkle and Alessandro Luciano, joining our board. We will benefit from their wealth of experience and unrelenting passion to guide us on this next chapter.

Interested in our journey? Hear the full Founders’ story here.

Paul Roiter, CEO & Co-founder & Phil Watts, Chief Product Officer & Co-founder

Stay connected 

Keep an eye on our LinkedIn page – we’ve got more exciting updates coming soon.