Monthly recurring revenue for the fintech firm increased 30 percent in its 2020 half year report as it reached 2 million subscribers.
Xero (ASX:XRO), financial technology company witnessed subscriber value jump 37 percent compared to the first half of 2019 in its most recent interim report. Generating over NDZ$1 billion in subscriber value, the company also saw its free cash flow reach NDZ$4.8 million and operatinf revenue climb 32 percent during the same time period.
As quoted in the press release:
CEO Steve Vamos commented: “We’ve continued o perform well this half with strong topline results and improving financial performance. Exceeding two million subscribers globally and achieving AMRR of over three quarters of a billion dollars were important milestones.”
“There are a number of significant global trends contributing to Xero’s growth including industry, regulatory and technology shifts. These include the increased use of cloud technology by small businesses, the digitisation of tax and compliance systems, and innovation reshaping the financial services sector.”