We’ve just posted our full year financial results for 2016. We hit a major milestone this financial year: Over the past 12 months alone, Xero has recorded more than $1 trillion across 450 million incoming and outgoing transactions.
I couldn’t be more proud of our Xero team around the world, delivering on what we said we’d do. We achieved a staggering $257 million in annualized monthly revenue and we will continue to strengthen our position, with the goal of becoming a $1 billion+ revenue generating business.
We have continued to fund more of our growth ourselves from revenues, and have $184 million in cash in the bank, so we remain in a very strong position to serve our customers.
Those interested in viewing our full results can see them here.
A further 242,000 subscribers from around the world joined the Xero platform this year, making for a total of 717,000 subscribers covering 180 countries around the world. For thousands of people everywhere, Xero is at the heart of how they run their business each day.
It’s because Xero has become so important to those businesses that we want to ensure they can use their data to help them grow and thrive.
We have continued to grow our network of financial partnerships around the world, and we now work with more than 80 financial institutions such as National Australia Bank in Australia, HSBC in the UK and ASB in New Zealand. In doing this we have built out what we call the financial web, allowing small business owners to control and connect their accounting ledger — the heart of their business — to their bank, financial institution or a financial services provider.
In doing so, they can access services that were once only offered to larger businesses, potentially getting faster loan approvals, benefit from accessing more competitive foreign exchange rates, and more payment options for their customers.
In the future, intelligent data matching in Xero will automatically code banking transactions, making accounting even easier for small businesses. The power and mobility afforded by Xero, in combination with greater access to financial services, will unleash the capabilities of small businesses, giving them access to the tools, financial services and capital they need to grow and thrive.
As always, our core focus is on making beautiful accounting software for small businesses. We delivered more than 1200 customer-facing updates and now have more than 500 third-party integrations in our add-on ecosystem. Xero now integrates more closely with popular devices like the iPad and iPhone, as well as widely-used tools like Google Apps for Work, Android and Microsoft Power BI.
We also released specific tools for our core markets, such as TaxTouch in the US for which we won an innovation award, and Xero Tax in Australia, which has been used to lodge more than 1.4 million submissions to the Australian Taxation Office since launch.
We’ve come extremely far over the past 12 months, but have so much more to do, and can’t wait to share more with you.
Thank you to our staff, partners, customers and shareholders for your contribution to our ongoing success.