Xero adds automatic feeds to North American offering
Jan. 13 (BusinessDesk) - Xero Ltd., the cloud-based accounting platform provider, today announced that it has expanded its automated bank feed functionality to include feeds from more than 2,000 banks and financial institutions across the U.S. and Canada.
Automated feeds, which are already available to customers in Australia, New Zealand and the U.K., are the latest push by the company to make headway into the North American market, and are powered by U.S.-based online banking service provider Yodlee, Inc.
Bank feeds allow bank account data to appear seamlessly inside the accounting application, aimed at making it easier for small and medium sized business to manage their finances, and is seen as a major differentiating factor over rival offerings.
Xero's aim of cornering the SMB niche for online accounting products in the U.S. received a boost last year when PayPal founder and Facebook board member Peter Thiel pumped $4 million into the company to help fund its expansion.
The company's share price soared since Thiel's investment in October, touching an all time high of $3.15 in December, having traded in a range of between $1.40 and $1.60 for much of the year before that. Shares were last at $2.90.