Xelix, a London-based fintech company, has raised $5m in a Series A funding round for its artificial intelligence (AI) based invoice intelligence platform.

The Series A round was led by FINTOP Capital. It also saw the participation of the fintech company’s existing investors LocalGlobe and Passion Capital.

Xelix’ clients include Wilko, McBride, and Euro Car Parts. The fintech helps its clients in automating manual and time-consuming processes.

FINTOP Capital general partner John Philpott said: “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.”

Founded in 2015, Xelix has developed a product suite that presently features three modules for re-designing core accounts payable processes. The three modules are Xelix Protect, Xelix Supplier Statement Reconciliation, and Xelix Insight.

Xelix Protect is a machine-learning payment audit designed for identifying high-risk transactions before the pay run.

Xelix Supplier Statement Reconciliation is an automated workflow for ensuring accuracy and compliance in accounting, while Xelix Insight is a self-service business intelligence tool designed to enable quick insights from payables data.

The company plans to use the capital raised through the Series A round for continued innovation in its product offering.

Xelix CEO and co-founder Paul Roiter 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.”