London-based invoice intelligence platform Xelix has raised $5 million in a Series A round, a company claims Thursday, June 30 Press release.
Xelix, which provides accounts payable (AP) solutions, plans to use the new funds to bring more products to market and grow its team.
A Monday, July 4 report from Tech Funding News noted that Xelix fills a need for finance teams, as they often struggle with systems that don’t work well for them and often require “specialized training.”
Additionally, complicated user interfaces can slow down the onboarding process and prevent new team members from performing as efficiently as they should, according to the report.
However, Xelix uses artificial intelligence (AI) and machine learning (ML) to help prevent overpayments and fraud while improving AP productivity. The report says the solution will aggregate data from various systems and provide “a consolidated view” of PA across an enterprise.
“Outside of basic invoice processing, the opportunity for ML-focused automation and process improvement within PA and the broader CFO office is huge,” Paul said. Roiter, co-founder and CEO of Xelix. “We are delighted to work with investors who appreciate our efficient growth and the enormous market potential of our solutions. This fundraising will allow us to execute our ambitious product roadmap and further develop our go-to-market teams.
According to the press release, Xelix’s platform offers three solutions that use ML to “redesign” core AP processes. For example, Xelix Protect offers an ML payment audit to review high-risk transactions before a payroll run, while Xelix Statement Reconciliations offers an automated workflow to ensure accounting accuracy and compliance.
PYMNTS wrote that there has been a move to reduce manual tasks and errors in accounts receivable (AR) and AP processes, using enterprise resource planning (ERP) solutions.
See also: 40% of businesses cite late payment as their top billing issue
That said, there was one piece missing from all of this – while ERP platforms can help set up invoices and payments, employees still need to log in or visit branches to reconcile and make payments.
As such, there is a growing consensus that businesses need ERP solutions with banking integrations to simplify and streamline things.