Xero says it is on target to double its revenues this financial year to more than $38 million, but says it has no plans to make a profit for a while.
Chief executive of the listed accounting software firm Rod Drury says they now have more than 135,000 customers, and the business is generating $4 million in revenues a month.
Mr Drury says Australia is spearheading growth, with Xero attracting 24,000 new customers over the last year, and he believes Australia will provide most of the company's revenue growth over the next two years.
He says Xero is now doing almost 60% of its revenue offshore.
Mr Drury says the New Zealand market has been growing very quickly over the last few years and the same trend is now occurring in the Australian market.
Despite the growth prospects and jump in revenues, Mr Drury says Xero will still not become a profitable business for some time yet.
He says Xero has raised more money this year and now has $85 million in the bank which gives the company the opportunity to grow.
Mr Drury says Xero has also doubled its staff in the last year and still has about 100 roles to fill.
He says it is now about taking the technology and building the sales teams to see if it can crack the American market as well.