Xero to launch personal finance product

Online accounting software company Xero will launch a personal money management package in 2010. Photo / Supplied

Accounting software company Xero Ltd is launching a product individuals can use to manage their money.

The Xero Personal product, which allows consumers to have a complete view of all aspects of their finances, will be launched in early 2010 and Xero is developing partnerships with banks to help with distribution.

BNZ, a Xero shareholder, will be offering a co-branded version of Xero Personal to its customers, which allows bank statement details to be imported automatically each day.

"There's an increasing blur between consumer and SME services and personal/consumer finance literacy is a hot topic on the global stage," said chief executive Rod Drury.

The product means Xero is selling to a much wider consumer market.

The company told shareholders at the annual meeting in July that it expects to break even in the final quarter of 2011.

The company, which raised $29 million in capital in June, reported an annual loss of $6.75 million in the year to March 31, 2009.

Xero listed on the NZX in June 2007.

- NZPA