It raised $49 million in a funding round in November 2012 with the largest amounts coming from Peter Thiel and Matrix Capital. It raised an additional NZ$4 million in 2010 from Peter Thiel's Valar Ventures who also invested an additional US$16.6 million in February 2012. In 2009, it received NZ$23 million of funding led by MYOB founder, Craig Winkler. Xero has also received funding from various investors. In September 2019, the market capitalisation of Xero on the ASX exceeded NZ$10 billion, and it was ranked as the third most-valuable publicly listed New Zealand company. 31 January 2018 was the last day Xero shares were traded on the NZX. Xero transitioned to a sole listing on the ASX on 5 February 2018, delisting from the NZX on 2 February 2018.

It went public on the Australian Securities Exchange (ASX) on 8 November 2012. The company initially focused solely on the New Zealand market. Xero went public on the New Zealand Exchange on 5 June 2007, with a NZ$15 million IPO, gaining 15% on its first trading day. In 2019, the company announced it had over two million global subscribers, with a further announcement of reaching three million subscribers as of 30 September 2021. Drury remained on the board as a non-executive director. In April 2018, Steve Vamos was appointed as CEO, replacing Rod Drury. In 2017, Xero claimed to have more than one million customers globally, and the following year, in December 2018, Xero claimed to have more than one million subscribers in its home markets of Australia and New Zealand. The company was originally called Accounting 2.0. Xero Limited's headquarters are still located in Wellington. Xero was founded in Wellington during 2006 by Rod Drury and Hamish Edwards.

Xero accounting software in