Xero has surpassed a significant milestone of half a million subscribers worldwide to its global cloud accounting software platform, as the growing company services small business owners and entrepreneurs in more than 180 countries all over the globe from Anguilla and Zimbabwe, to Auckland, Melbourne, Mudgee and beyond.
Since achieving 50,000 subscribers in September 2011 after five years in business, subscriptions doubled in just 10 months to hit the 100,000 milestone by July 2012.
And this momentum has continued because four years later the expanding Kiwi company has increased its business ten-fold to become the preferred accounting platform for many small businesses, accountants and bookkeepers worldwide.
“Our customers are from a diverse range of industries and some from the most far flung places - really proving that we are a global company and that there is so much opportunity to enrich the lives and meet the dreams of small business owners all over the world,” says Victoria Crone, Managing Director, Xero New Zealand.
As well as surpassing the half a million subscriber milestone, Xero is delivering on its growth plans and is already the market leader in cloud accounting in New Zealand, Australia and the UK.
Going forward, Xero now has its sights focused on the journey to one million subscribers, as it works toward its own dream of millions of small businesses around the globe thriving on Xero.
“In just over eight years, we have gone from no lines of code to over half a million subscribers worldwide,” says Rod Drury, CEO, Xero.
“We’ve built our accounting platform and demonstrated that we are one of the fastest growing Software as a Service companies in the world.
“It’s our partners and customers who have supported us to keep raising the bar and deliver nothing less than best in class.”
In the last year, Xero delivered more than 500 customer facing updates, including Payroll in the UK and New Zealand, Xero on iPad, inventory, quotes and online quotes, Practice Reports(NZ), find and recode, and its just launched Business Performance dashboard.
In addition, during the last financial year alone, Xero processed over 55 million invoices and over $240 billion USD transactions were paid through the Xero system in the past 12 months worldwide.
“We have 500,000 subscribers around the world and many of those are doing business across borders not just in their home countries,” adds Russ Fujioka, US President, Xero.
“Xero’s cloudfirst platform is helping to erase global boundaries for small business owners and their trusted advisors.”