Xero achieves NZ first in top 10 fastest-growing firms

Wellington online accounting firm Xero is the first Kiwi business to make it into Deloitte's list of the top-10 fastest growing firms in the Asia Pacific. The NZX-listed firm was eighth on the list after recording more than 2000 per cent growth last year. Xero has yet to break even, but investors in the firm are counting their blessings, as Xero's share price has double from its original public offering in 2007. In the latest of a series of developments, Xero announced it had cleared the way for faster growth in Britain by letting customers automatically import into Xero details of transactions with 55 banks and financial institutions. The integration work is first fruit of a partnership with United States firm Yodlee, which acts as a middleman between 11,000 financial institutions and software firms that want to use their transaction data. Chief executive Rod Drury said Xero had spent hundreds of thousands of dollars on the development. "We have always been hamstrung in Britain by not having a broad base of feeds."

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