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Xero Limited reports developments tied to its global small business platform, which combines accounting software with tools for tax, bank reconciliation, payroll, expenses, projects and payments. Company news commonly covers product launches for small and midsize businesses, including bill-payment capabilities, integrations with financial operations platforms, and connections to banks and other financial institutions through Xero’s open ecosystem.
Updates also include strategic partnerships, acquisition agreements, governance changes and initiatives aimed at accountants, bookkeepers and small-business customers. The recurring themes center on Xero’s accounting-and-payments proposition, its U.S. customer offering, and the expansion of connected apps and financial workflows within its platform.
Xero (ASX: XRO) has announced a binding agreement to acquire Melio, a leading US SMB bill pay platform, for US$2.5 billion in cash and equity, with additional contingent consideration of up to US$0.5 billion. The acquisition represents a strategic move to enhance Xero's US presence and accelerate its 3x3 strategy.
Melio processes over US$30 billion in payments annually and serves 80,000 customers, generating US$153 million in revenue for FY25. The combined platform will integrate accounting and payment solutions, offering US SMBs and their advisors comprehensive A/P workflows and multiple payment methods. The transaction is expected to complete within 6 months, subject to regulatory approvals.
Xero has launched online bill payment capabilities for US customers through its partnership with BILL. The integration allows small businesses to pay bills directly within the Xero platform, streamlining accounts payable processes and enhancing cash flow visibility.
Key features include:
- Multi-bill payments in a few clicks
- Access to BILL's network of 7.1 million members
- Real-time payment tracking
- Two-step verification for security
The launch addresses significant challenges faced by US small businesses, with 48% reporting cash flow pressures over 12 months. Additionally, 38% struggle with tracking due dates, while 20% face difficulties managing bills in one location. The new solution aims to transform financial management from a burden into a strategic advantage for entrepreneurs.
invoke name="seo" parameter name="title"Xero Launches US Bill Pay Integration with BILL: What Investors Need to KnowFiverr International Ltd. has launched "The Lift," an online recession hub designed for small-to-medium businesses and entrepreneurs navigating economic challenges. The platform includes articles, guides, and on-demand assistance powered by Fiverr talent. In collaboration with Payoneer and Xero, Fiverr offers users discounts and cash back incentives. A Fiverr survey reveals that while 80% of businesses reassess costs during the downturn, 78% remain optimistic about future prospects, highlighting a potential shift towards freelance talent for resilience.
Xero Limited (ASX: XRO) has announced the appointment of Sukhinder Singh Cassidy as the new CEO, effective February 1, 2023. Cassidy succeeds Steve Vamos, who retires after nearly five years of leadership. Under Vamos, Xero expanded its subscriber base from 1.4 million to 3.5 million and increased annualized monthly recurring revenue from $484.4 million to $1.5 billion. The transition will begin on November 28, 2022, with a focus on Xero's growth and customer-centric culture.