​Xero converting BankLink customers to its platform

Xero hopes to gain new customers by extending its free conversion service to help BankLink customers transition across to its accounting platform.

Accounting software provider Xero is extending its free conversion service to allow BankLink customers to easily transition their accounting ledgers onto Xero's platform.

The move comes as Xero managing director Chris Ridd declared that more than 15,000 BankLink customers across Australia and New Zealand have transitioned across to Xero in recent months.

"So we decided to offer a conversion service that would make that quicker and easier to do," he said.

According to Xero, it has more than 203,000 paying customers in Australia, and of those new customers who join, more than two thirds come from other accounting software, including MYOB and BankLink.

The announcement follows Xero stating that it would indefinitely extend its free MYOB-to-Xero conversion service, Jet Convert, to MYOB customers converting to become Xero customers.

In May, the National Australia Bank (NAB) announced a partnership with Xero to enable NAB small business customers instant access to its cloud accounting environment via the NAB internet banking function.

Xero also recently secured NZ$147 million in funding from Accel Partners and Matrix Capital Management to accelerate the growth of its business in the United States and the United Kingdom.

Despite the growing number of paying customers, Xero reported a first-half net loss after tax of NZ$24.5 million last November, blaming investments in product, sales, and marketing for the result.

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