Xero signs accord with Yodlee, gaining bank feeds

Xero enters agreement with Yodlee in the U.S., gaining access to more bank feeds

Jan. 27 (BusinessWire) – Xero Ltd., the online accounting software firm which counts MYOB founder Craig Winkler and cashed-up TradeMe founder Sam Morgan as shareholders, signed an agreement with Yodlee Inc., giving it access to more bank feeds to speed its global expansion.

Shares of Xero climbed 3.2% to $1.62 and have soared more than 90% in the past 12 months. Redwood City, California-based Yodlee’s system provides access to more than 11,000 account sources in the U.S. and Europe. Access to bank feeds mean customers of Xero can access their financial transactions in real time.

“For small businesses, the ability to automatically view all of your financial data in one place is crucial to successfully managing cash flow,” chief executive Rod Drury said in a statement.

Xero last year raised $29 million from investors to fund its expansion. It posted a first-half loss of $3.8 million as the company invested in its infrastructure and hosting capacity, an added sales capacity in the U.K. and Australia. Operating revenue soared 282% to $1.3 million in the six months ended Sept. 30, while operating costs surged 31% to $5 million.

Yodlee provides services used by more than 20 million consumers at bank and portal sites, Xero said in its statement today.

(BusinessWire)

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