Xero is teaming up with Wells Fargo to integrate Xero’s cloud-based accounting software for small businesses with the banking giant.
The integration will help small businesses using Xero’s online accounting software perform bank reconciliations and other transactions.
“Together with Wells Fargo, we will help small businesses capture a true picture of their financial position and empower our mutual customers to control their financial data,” wrote Xero CEO Rod Drury in announcing the integration Tuesday. “We believe this will fundamentally rewire how small businesses operate and light a fire in the engine room of our economies.”
Wells Fargo is the latest in a series of deals for Xero with banks and other financial companies. Xero already has relationships in the U.S. with Silicon Valley Bank and City National Bank. The company also integrates its software with several payment providers, including PayPal and Stripe. In the United Kingdom, Xero integrates with Barclays and several other major U.K. banks. In Australia, Xero connects with 50 Australian financial institutions. In New Zealand, where Xero originates, the company has relationships with all the large banks and a third of all New Zealand’s small businesses, according to Drury.
The company recently surpassed more than 700,000 subscribers around the world. North America is Xero’s fastest-growing market, Drury noted, and already has more than 62,000 subscribers.