Accounting software company Xero announced it has recently signed agreements with 100 Australian financial institutions establishing direct bank relationships. The deals are a major milestone in opening up banking, lending, and growth opportunities to Australian small businesses.
Xero says its growing “Financial Web” now has the ability to connect to 95 per cent of all transaction accounts that its small business customers access every day, making it easier than ever for them and their advisors to connect their accounting dashboard directly to almost any bank or financial services provider in the country.
That includes everything from a Big Four Bank to a regional credit union, helping small businesses gain access to their financial data.
Trent Innes, Managing Director of Xero Australia, said the announcement is an important milestone.
“Our close partnerships with the banks are helping us tackle some of their biggest pain points for small business — lack of financial transparency, managing cash flow and getting better access to lending. Through direct bank feeds, providing more payment options and opening up lending through two-way data sharing — Xero and our partners are creating growth opportunities for small businesses across Australia.”
Xero has also made two appointments to its financial web team.
Ben Styles, formerly Head of Financial Web at Xero, has been promoted to General Manager Financial Web APAC, where he will drive the strategy for growing Xero’s financial web in Australia and across the region.
A new addition to the Australian team also includes Ian Boyd. Working for Visa for eight years as Head of Commercial Solutions, Boyd has now joined Xero as the Head of Financial Web in Australia.
Xero recently accelerated past half a million subscribers in Australia, doubling its local customer base the last two years. Globally, it has more than one million subscribers, and the company recently posted full-year financial results that showed it achieved operating cash flow break-even in the second half of the financial year ending March 31.