Xero fuels small business growth with partnerships

Small business software solutions firm Xero has signed partnership agreements with local financial solutions firms Bridgement, Retail Capital and Lulalend.  Xero is a cloud-based platform for small businesses, with 1.4 million subscribers in over 180 countries. The Xero ecosystem integrates with 700+ apps for businesses, providing SMEs with digital financial solutions. According to the agreement, the three finance providers will integrate their digital platforms with Xero software to enable instant access to company records through API channels, making it possible to do a quick credit risk assessment for their clients, notes Xero. The lenders will also be able to access applicants' financial information quickly and efficiently, cutting down on paperwork and fast-tracking the approval process, it adds. Colin Timmis, general country manager at Xero SA, says: "Xero's mission is to help South Africa's small businesses thrive by removing the friction involved in accessing funds. "A lack of capital is one of the biggest challenges impeding small business growth in this country. By integrating the latest business finance apps with Xero, SMEs will have access to real-time accounting data, and help them access much-needed capital." The integrations, built on top of Xero's open API, will also help Xero's small business customers improve cash flow and access capital quickly. Accountants and bookkeepers who sit within the Xero partner community can also recommend these new lending apps to their clients, he adds.