Xelix announces $5m Series A investment round, led by Fintop Capital
Xelix , the world’s first Accounts Payable Control Centre, has today announced that it has completed a Series A investment round – raising $5m, led by Fintop Capital, with participation from existing investors Passion Capital and Localglobe.
Xelix’s Accounts Payable (AP) solution enables companies to automate manual and time-consuming processes, whilst delivering huge savings to the bottom line. The company’s rapid growth has been fuelled by CFOs rushing to adopt new technology to transform their financial operations.
The Xelix SaaS application bolts-on to ERP and procure-to-pay systems, providing deeply enriched functionality to supercharge the AP function. 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.
The Xelix platform currently has three solutions – all using machine learning to re-design 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.
Xelix’s client base includes some of the biggest companies in the world, with key sectors including manufacturing, retail and government. The funding will be used 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.”