Xero
Cloud accounting platform for small businesses and their accountants with 4.9 million subscribers, founded in New Zealand, listed in Australia, and now the largest challenger to QuickBooks in the US after buying bill pay company Melio.
| Founded | 2006, Wellington |
|---|---|
| Founders | Rod Drury, Hamish Edwards |
| Ownership | Listed on the ASX (XRO); CEO Sukhinder Singh Cassidy since 2023 |
| Revenue | NZ$2.75bn in the year to March 2026, up 31%; annualised recurring revenue NZ$3.27bn |
| Customers | 4.92 million subscribers; average revenue per user NZ$55.44 a month |
| What it does | Bookkeeping, invoicing, bank feeds, payroll, expenses, projects and reporting, with a practice-side suite for accountants and bookkeepers and an app marketplace of more than 1,000 integrations |
| Recent moves | Acquired Melio for US$2.5bn in 2025 to build US bill pay; AI assistant JAX and an Anthropic collaboration announced in 2025 and 2026 |
| Pricing | UK plans from GBP 16 a month (Ignite) to GBP 59 (Ultimate); US plans from about US$20 |
| Markets | Australia, New Zealand, UK, US, Canada, South Africa, Singapore |
| Peers | Intuit QuickBooks, Sage, FreeAgent, MYOB, Pennylane |
Why it matters
Xero grew revenue 31% to NZ$2.75 billion in its latest year and passed 4.9 million subscribers, with the Melio acquisition its biggest bet yet on the US market. It is the platform most of the AI accounting startups integrate with first outside the US, and the one Pennylane is measured against in Europe.
Accountio coverage
Xero Expands AI Capabilities Through Anthropic Collaboration
Updated September 2026.
Part of Accountio’s accounting technology coverage.
