Xero Personal

It’s an exciting day for us at Xero because we get to talk about Xero Personal for the first time.

We’ve been working on Xero Personal for some time. We need to talk about it now as it’s about to go into external partner testing. It will be available in early 2010.

So what is Xero Personal all about?

One of the first reasons we looked at doing a personal edition is because many small business owners blur their personal and business expenses. Rewards points on credit cards are a good example of why this happens. So a key function of Xero Personal is to allow business owners to separate their personal and business expenses. Personal will work great on its own but it will also complement Xero Business.

The second reason is because this space is a good opportunity – ripe for a new business model. Looking at the state of the personal finance software market it’s undoubtedly becoming a hot space. A recent example is Intuit’s recent $US170 million acquisition of Mint. Personal products generally fit into two camps.

  1. Those that are stand alone and require some sort of advertising based model for revenue. There has been some great innovation here but we really don’t like cluttering things up with an advertising based model.
  2. Those solutions that are provided inside online banking. The problem with this approach is the difficulty to innovate and try new things as they are constrained by the requirements of working inside the banking environment.

We wanted to do something that hasn’t been seen before. A hybrid that leverages our great relationships with banking partners, while allowing us to innovate on our own platform.  As we discovered with Xero Business – it comes alive when connected to a bank. So we wanted that for Xero Personal. Connecting to banks allows us to do some really exciting things and make it very easy for our customers.

What does Xero Personal do?

In terms of what the software does, we wanted to go past the initial hit of just classifying transactions and seeing the depressing reality of what you spend your money on. We want to create a new service that people use each week to set their goals and track progress. We want to change how people save and how they act with their money. All of us were blown away when our interaction team walked us through the early designs several months ago. We think we’ve built a tool that people will enjoy using again and again.

In New Zealand we’re working closely with the BNZ. It’s been so much fun working with their team. We intend to take Xero Personal to market with other banks around the world over time. We’ve designed it to support bank branding and provide a collection of widgets that can be displayed inside online banking. Xero Personal still works great without a bank connection – but working with banks and getting data moving around automatically will be an even better experience.

Xero Personal is a new code base, but we reused a lot from Xero Business. We’re excited to be able to get many more people to have a Xero experience with this product.

How and when?

Stay tuned for more information over the coming months as we complete testing and get into production.We’ll let you know as soon as it’s publicly available and how you can get it – early 2010. You can register your interest at www.xero.com/personal and we’ll email you updates.

Any questions, please let us know.


June 24, 2010 at 1:16 am

Why can’t you guys get feeds working for all banks? ANZ Money Manager got it working years ago!

Alastair Grigg
June 24, 2010 at 9:19 pm

@User. ANZ Money Manager is a rebadged stand alone instance of the Yodlee MoneyCenter personal finance management product, so those bank feeds are coming from Yodlee. As you might know we are working on integrating just this Yodlee bank feed service into Xero to augment the direct bank feeds we already have with our partner banks in NZ, Australia and the UK. We’ll be posting an update on this project tomorrow.

July 7, 2010 at 5:45 am

will you be able to integrate with Mint.com and/or and Australian service provider? i have several bank accounts acros borders and would like to get a snapshot of my finances across markets. USA and NZ and AU.

July 10, 2010 at 10:07 pm

I’ve create template like you but using different color, thanks for giving a best idea.

July 17, 2010 at 4:34 pm

Check out http://www.budgettrak.com. Xero should join forces with these guys in NZ. They have qif downloads, goal tracking and automatic learning of categories, GST and non GST items reports and has the ability for an advisor to see how you are doing as well. Visually not exciting but functions are brilliant.

Michael Emery
October 14, 2010 at 2:10 am

There is one major problem with all this online software that makes it extremely difficult for me to switch from MS Money. None of them support split transactions, and the ASB version has a poor category selection.

For me there is virtually no point even entertaining the use of any financial management software (online or otherwise) until I can split the transaction. If I go to BP and buy $30 worth of smokes and $30 worth of petrol… what category do I use? If I go to Bunnings and buy potplants, a lawnmover and fan heater and some nails… what category? If I pay my all my insurances once every year to the same provider, how do I break that category down into Life, Vehicle, House, Contents, Landlords, Business and Boat insurance?

ASB have closed ears on this matter… my fingers are crossed that Xero will listen and deliver!!

October 14, 2010 at 9:20 am

We’ve listened & delivered already. Back in July we released the ability to split transactions – here’s our earlier blog post outlining the features released with links to Help Centre & a video that starts out explaining where to split a transaction. Sounds like this meets your needs – if you’ve got any questions or feedback on this feature or Xero Personal in general, please feel free to join current conversations or ask question on our Xero Answers site.

Steve Thomas
November 8, 2010 at 1:43 am

How much is Zero Personal, you have no pricing on the site. A bit dubious with hidden prices.

Sara Goepel
November 9, 2010 at 12:34 pm

Hi Steve, the pricing is different depending on where you are located and is listed above the sign up form at the bottom of this page- https://www.xero.com/personal/.

Ray Patidar
December 24, 2010 at 8:17 am

This looks like a great tool. I just signed up for the free trial. I was looking for something like this that would help me manage my finances better. What kind of feedbacks did you guys get using Xerox Personal with American banks? With banks such as Bank of America or Well Fargo

Loz Moore
January 9, 2011 at 12:10 am

Am enjoying Xero personal after finally dumping my Psion 5mx with a money app which I have been using for years. I have now got about 9 months of data on it and find it frustrating that there is little in the way of reporting options to drill down into my historical data. Are there any plans to extend the reporting?

April 29, 2012 at 12:44 am

Hey guys,

When are you expecting to be able to release connecting to banks in the uk?


Techday – Xero to launch personal edition in 2010
January 9, 2013 at 2:50 pm

[…] The service is expected to launch to the public in early 2010. For more information, visit the website. […]

Marketing and selling through resellers and partners other than direct customers [PODCAST]
April 28, 2014 at 3:02 pm

[…] out of me publicly berating Xero. So, I really appreciate you taking the time. What happened was, Xero Personal is one of the product suites that you’ve had at Xero for people to manage their personal […]

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