London-based fintech startup Xelix has announced the completion of a $5m Series A funding round. According to the company, the investment would be used for team expansion, accelerated growth in the global market and bringing in new products and services. 

The funding round was led by Fintop Capital along with the existing investors Passion Capital and Localglobe. 

Founded in 2018 by Paul Roiter and Philip Watts, Xelix is an Accounts Payable solution provider that enables companies to automate manual and time-consuming processes, whilst delivering huge savings to the bottom line.

The client base includes Wilko, Euro Carparts, Springer Nature and more, with key sectors including manufacturing, retail and government.

The company has developed an Accounts Payable Control Centre – a machine-learning powered application whose benefits include the prevention of incorrect payments and fraud, and automation of key AP processes enhancing team productivity.