London-based billing information platform Xelix has raised $5 million in a Series A round, according to a company released Thursday (June 30) press release†
Xelix, which provides accounts payable solutions (AP), plans to use the new money to bring more products to market and grow its team.
A Monday (July 4) report from Tech Funding News noted that Xelix addresses a need finance teams have because they are often saddled with systems that don’t work well for them and often require “specialist training.”
In addition, complicated user interfaces can slow down the onboarding process and prevent new team members from working as efficiently as needed, according to the report.
However, Xelix uses artificial intelligence (AI) and machine learning (ML) to prevent overpayments and fraud while improving AP productivity. The report said the solution will aggregate data from different systems and provide a “consolidated view” of AP in a company.
“Beyond basic invoice processing, the opportunities for ML-driven automation and process improvement within AP and the wider CFO office are enormous,” said Paul Roiter, co-founder and CEO of Xelix. “We are delighted to partner with investors who appreciate our efficient growth and the huge market potential for our solutions. This fundraising enables us to execute on our ambitious product roadmap and further scale our go-to-market teams.”
According to the press release, Xelix’s platform offers three solutions that use ML to “redesign” key AP processes. For example, Xelix Protect offers an ML payments 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 movement to eliminate manual tasks and errors in both accounts receivable (AR) and AP processes, using enterprise resource planning (ERP) solutions.
Also see: 40% of companies cite late payments as primary billing headaches
That said, everything was missing: While ERP platforms can help create 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 business.
NEW PYMNTS DATA: HOW UTILITY AND CONSUMER FINANCING COMPANIES CAN IMPROVE THE EXPERIENCE OF ACCOUNT PAYMENTS
About: More than half of utility and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration of PYMNTS and ACI Worldwide, surveyed 207 billing and collection professionals at these companies to find out why going fully digital remains elusive.