XERO AND SILICON VALLEY BANK PARTNER TO OFFER INNOVATIVE BUSINESSES NEXT-GENERATION FINANCIAL MANAGEMENT

Small Businesses Can Now Access Quick, Reliable Financial Insights through Xero’s Online Accounting Solution Integration with SVB’s Banking Platform

Xero,the global leader in online accounting software, 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 UK and US.

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decisions by getting an accurate and comprehensive view of their finances, without hassle and costly mistakes caused by out-of-date cash flow balances.

Later this month, businesses using Xero in the UK can sign up to integrate with Silicon Valley Bank for deposit account balances and transactions.

“Xero and Silicon Valley Bank have a common objective — to make the lives of our customers easier,” said Gary Turner, Xero’s managing director.  “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.”