At Xero, we come to work every day to empower small businesses. We feel humbled to be awarded the Best Overall Fintech platform by the Fintech Breakthrough Awards. It also provides validation that we’re truly changing the lives of our more than one million subscribers.
Across multiple categories, the Fintech Breakthrough Awards aims to honor excellence and recognize the creativity, hard work and success of fintech companies, technologies and products. Organizers said that the competition was fierce for each category with more than 2,500 nominations to sift through.
Senior-level, experienced fintech professionals including journalists, analysts and technology executives judge the awards. It’s an honor that our peers have recognized us.
Platforms are bringing the small business owner’s financial worlds together
Award organizers report $36 trillion in digital payments will be processed by the end of 2017. In the past 12 months, Xero alone transacted $1.2 trillion worth of economic activity.
Fintech is a critical and valuable industry. For the better part of the last decade banks and fintechs have viewed each other as competitors. However this is changing as partnerships between the banks, the fintech sector and platforms like Xero are coming together to help seamlessly integrate technology and financial management so that the customer wins.
With a small business owner’s financial institutions, government services and apps all in one platform, they have a complete view and control of their financial and business data. It’s a vision when fully formed that’s known as the financial web.
The advantages of a financial web
The very foundation of a small business owner’s financial web is secure bank integrations. These enable banking, accounting and business management to come together. Xero is building a strong, global financial web, working with 110 financial institutions and 500 ecosystem partners around the world.
Subsequently one of the next steps on the financial web journey is supporting banks as we free up small business owners’ access to capital. With a full set of historical and audited numbers in the accounting platform, banks can leverage that data to increase access to capital at the point of need. It’s an opportunity that we’re already starting to see play out in markets like Australia.
Banks worldwide are increasingly favoring the secure, robust direct feeds between their data sources. Consequently, the fintech platform provider will reduce the cash flow pitfalls small businesses face .
It wouldn’t have been possible to get where we are today without our ecosystem, accounting, banking and small business partners. We’re excited to continue to drive innovation, not only in our industry, but for our one million subscribers.