New Zealand accounting software giant Xero agreed to buy U.S.-Israeli payments provider Melio for as much as $3 billion, the companies said on Wednesday, accelerating the Kiwi firm's push into the U.S.

New Zealand cloud-based accounting software company Xero Limited (ASX: XRO) has announced that it has entered into a binding agreement to acquire 100% of Israeli fintech company Melio. Xero will make an immediate payment of US$2.

BENGALURU] Xero, New Zealand’s information technology giant, said on Wednesday (Jun 25) it would buy US-headquartered fintech firm Melio for an upfront consideration of US$2.5 billion, aiming to more than double its group revenue by 2028.