Xero and Silicon Valley Bank Partner to Offer Innovative Companies Next-Generation Financial Management
Company news | July 16, 2014
SAN FRANCISCO –– July 16, 2014 — Today, Xero, the leading global online accounting platform and operating system for small businesses, and Silicon Valley Bank, the bank of the global innovation economy, announced integration that brings Xero's latest financial management tools to startups and small businesses in both the US and UK.
By linking Xero's online accounting solution directly with SVB's online banking platform, business owners get reliable overnight delivery of the prior day's bank transactions directly into Xero's intuitive online accounting workflow. As a result, business owners can make smarter business decisions by getting an accurate and comprehensive view of their finances, without the hassle and costly mistakes caused by out-of-date cash flow balances.
"For my company, this integration is a life saver. I used to worry constantly that I didn't know my true account balances," said Benjamin McCann, co-founder at Connectifier, Inc., a venture-backed talent sourcing startup in North Beach, Calif. "Trying to get an accurate picture of our financials was a pain and we always had an out-of-date view. Now it happens seamlessly. At any point during my week, I can open up Xero and know exactly where we stand."
Starting this week, businesses using Xero in the US can sign up to integrate with Silicon Valley Bank for deposit account balances and transactions. After signing up, they will start getting bank feeds the week of August 11th. UK clients will be able to sign up later this month.
"Xero and Silicon Valley Bank have a common objective — to make the lives of our customers easier," said Jamie Sutherland, president, Xero U.S. "In fact, it wasn't that long ago that Xero was a startup itself — so we know all too well what it's like to be under the gun to create up-to-date financial reports for the board or quickly get an update on cash flow before making a key purchasing decision. Now with Xero's integration with SVB's banking platform, small businesses can get their up-to-date financial info faster than ever before."
"Our SVB Direct Connect platform integration with Xero is another important step in our organizational strategy to make it easy for our clients to bank with us," said Bruce Wallace, COO, Silicon Valley Bank. SVB Direct Connect enables Silicon Valley Bank clients to access their banking information through leading accounting platforms. "As the leading bank for high-growth, disruptive companies, integrating with innovative partners such as Xero is a critical strategy for SVB."
Xero is beautiful, easy-to-use online accounting software for small businesses and their advisors. The company has over 300,000 paying customers in more than 100 countries around the world. Xero seamlessly integrates with over 300 best-in-class business tools such as Square for processing payments on mobile devices, ADP for managing payroll and Google Apps for integrating Google Docs. Xero ranks No. 1 by Forbes as the World's Most Innovative Growth Company. The Xero US team is headquartered in San Francisco.
About Silicon Valley Bank
Banking the world's most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world class service to increase our clients' probability of success. With more than $29 billion in assets and more than 1,700 employees, we provide commercial, international and private banking through our locations around the world. Forbes Magazine ranks us among America's Best Banks and Fortune named SVB one of the best places to work. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System.