It’s hard to believe it was only four years ago in September 2011 when we hit 50,000 paying subscribers. As a new cloud startup it took 5 years of hard work to reach that milestone. Then momentum really kicked in. Just 10 months later we reached 100,000 subscribers in July 2012. Now four years on from that first big milestone in 2011, we have grown our business ten-fold to 500,000 subscribers.
It’s inspiring to know that Xero plays a part in helping other businesses grow and achieve their dreams. It’s not just our customers who share awesome stories about how they’re growing on Xero. I’m at Xerocon US in Denver and I’ve been talking with a number of our US accounting partners, many of whom have doubled their own businesses over the last year. We’ve also watched with pride as our ecosystem of over 400 business applications has been flourishing and creating a platform for hundreds of new jobs globally.
From day one we’ve been setting ourselves big goals to achieve our own dreams. We are passionate about achieving our vision of millions of small businesses around the globe thriving on Xero. We continue to set and reset our goals to really push boundaries and keep the momentum rolling. We set the bar to acheive $100m revenue – we well and truly hit that growing 81% from $66.8m to $120.9m subscription revenue in the last financial year. We’re now building our business to chase a billion of revenue, which seems frighteningly achievable.
We have some other big aspirations too. We’ve designed delivering innovation at a high cadence into our business model. We are now investing significantly to go beyond accounting to provide further efficiency, insights and opportunities for our customers.
We are immensely proud to achieve this milestone. However, it’s a milestone that could only be achieved with a team effort.
So thank you to our customers and partners for their continued support. We are so proud our beautiful software is making a positive difference in the daily lives of small businesses globally from Auckland to Zimbabwe. Thanks to our Accounting and Bookkeeping partners who have recommended Xero to their customers. Thank you to all our add-on partners, investors and Xeros all around the globe.
We now have our sights firmly set on the journey to our next milestone of our first million customers.
We hope it won’t take long.