Accounts Payable company Xelix lands $5m

Xelix, a London-based accounts payable FinTech that is looking to transform finance departments, has raised $5m in Series A funding.

The round was led by FINTOP Capital, with participation from its existing investors Passion Capital and LocalGlobal.

Xelix’s products suite comprises three modules and re-designed core accounts payable processes. This includes Xelix Protect, a machine learning payment audit to identify high risk transactions, Xelix Supplier Statement Reconciliation, an automated workflow to ensure accounting accuracy and compliance, and Xelix Insight, a self-service business intelligence tool enabling rapid insights from payables data.

Paul Roiter, Xelix CEO & co-founder, said, “Outside of basic invoice processing, the opportunity for ML-driven automation and process improvement within AP and the wider CFO office is huge.

“We’re excited to be working with investors that value our efficient growth and the massive market potential for our solutions. This fundraiser will allow us to execute on our ambitious product roadmap and further scale our go-to-market teams”.

John Philpott, general partner at FINTOP Capital, added, “Xelix is already working with some of the largest global companies, with crystal clear use cases and impressive ROI. 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.”

Finally, a FinTech company aimed at automating back-office processes for small businesses, raised $95m in Series A funding earlier this year.

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