Australia-listed Xero to acquire fintech Melio in over $2.5 billion deal
Australia-listed Xero said on Wednesday it would buy U.S.-headquartered fintech firm Melio for an upfront consideration of $2.5 billion.
The cash-and-stock deal would also see Melio receiving up to $500 million as part of deferrals and rollovers, laid out over the next three years.
The acquisition would allow Wellington-headquarted Xero to integrate accounting and payment solutions on a single platform.
Melio, which has offices in New York and Tel Aviv, provides digital bill payment solution for small business.
The deal would be funded through a placement of $1.2 billion, a $400 million unsecured credit facility, among others.
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‘I now run seven 7-Eleven stores in Singapore' — 30 y/o man shares how he started his first 7-E store with just $20K of his own savings
SINGAPORE: If you're 26, broke, and stuck at home eating just basic meals with zero parties, vacations, or Grab rides in sight, you might just be on your way to operating seven 7-Eleven (7-E) stores just like the life script of Jaymes Lee Kim Meng after he experienced sleepless nights, ruthless budgeting, and a 3 a.m. emergency dash to restock shelves. Jaymes, a former logistics executive, went from working 9 to 5 to being jobless during the COVID-19 pandemic, and then to becoming a mini-mart mogul — and he did it all with his S$20,000 savings, a rock-solid work ethic, and what he calls his 'secret sauce': commitment, people management, and the willingness to never switch off. 'It's a 24/7 business. We do not close…' Before embarking on a life in a 7-E, 24/7, 365-day-a-year business, Jaymes's story begins where many 2020 nightmares began — during the pandemic. He had been working in logistics in China and returned to Singapore for the Chinese New Year, but as borders shut and restrictions hit hard, Jaymes found himself stuck in Singapore… and soon, stuck without a job. 'I worked a regular job, 9 to 5. I did logistics in China. I came back from China for Chinese New Year, and I couldn't go back. Then, eventually, I lost my job,' he shared. The job loss wasn't just a blow to his income. It shook his sense of job security. 'I wanted to start something of my own, have my own job security,' he added. That 'something' turned out to be Singapore's most iconic neighbourhood staple — the 7-E convenience store. So, how much does it cost to open a 7-Eleven in SG? Usually, a 6-figure fee, but for Jaymes, it was just S$20K! To buy into most franchise businesses, you usually need a six-figure sum. However, 7-E Singapore offers a different deal — one that is more accessible for budding entrepreneurs. The base cost starts at S$70,000 before GST, made up of a S$40,000 refundable inventory deposit and a S$30,000 franchise fee. However, Jaymes caught a rare break — one that required no luck, just good timing. He qualified for a special youth entrepreneur scheme that waived the franchise fee and halved the capital requirement, so he only had to invest S$20,000 in full, upfront. Photo: YT screengrab/@cnainsider 'This is pure cash savings over a year,' Jaymes said, with a hint of pride. And that's not all. 'I was lucky enough that the second store, the fee was waived as well. I only had to pay the S$20K working deposit per store.' In other words, he opened two stores for the price that many people pay for one. No vacations. No luxury gifts. Just buses, basics, and brutal discipline! The hustle didn't stop there. Within just 12 months, Jaymes had enough to open his third store — this time, without discounts, though. The full S$70,000 fee was back on the table. And with it came the need for extreme sacrifice. 'Trying to save up to open my third store, I did not go on holidays. I did not hold grand birthday parties. I did not buy expensive gifts for my partner. I wasn't married then,' he recalled. 'I really just survived bare minimally. It was just three meals a day, going home, transport — that was it. I didn't want the car. It was taking the bus every day, public transport every day. I really saved. Very laser-focused on my goal to save money to expand.' Yes, Jaymes was living by a very different YOLO mantra: 'You Only Launch Once!' From manning counters to managing people As the business grew, so did his responsibilities. At the start, he was doing it all — stocking shelves, ordering inventory, and even manning the cash register himself. Photo: YT screengrab/@cnainsider 'Previously, when it was one store, (and then) two stores, I would see myself as managing the store itself. I was in the store. I was doing ordering myself. I was manning the counter myself,' Jaymes explained. Now, with seven stores under his belt, Jaymes has graduated from counter guy to commander-in-chief. 'I do more of a backend role where I manage the business. I manage the people. I manage HQ,' he said. But if you think that means he's clocking out at 6 pm, think again. When your business never sleeps, neither can you As we mentioned earlier, it's a 24/7 business, 'We do not close,' as Jaymes said. 'Coming into the store during all hours includes coming in at 3:00 a.m. (because) my staff doesn't feel well… by hook or by crook, somebody has to come. If not, I have to come. I cannot (turn) off my phone,' James added. So this isn't your typical franchise gig, but while most franchisors hand over the brand and wash their hands of the rest, 7-E does things differently. See also Technological boost for Singapore's Aerospace industry Unlike most models where franchisees need to scout locations for themselves, invest in setup costs, and hope the shop earns a cent, 7-E Singapore sets the store up for you first. Renovations, fixtures, and store equipment are also covered. They even test-run the outlet themselves before handing over the keys to you. '7-Eleven will even show the prospective franchisees: 'Okay, this place is making money. This is a profit and loss statement,'' explained Albert Kong, Founder & CEO of Asiawide Franchise Consultants, adding that 'So the franchisee will feel very safe that he's not going into something that is not proven.' And the kicker? No monthly royalty fee, either. The unglamorous truth: shoplifters, saturation, and stress Of course, running a franchise empire isn't all kopi and kaya toast. Jaymes deals with common headaches, such as staff management, inventory stress, and petty theft. 'Theft rate (shoplifting) is really a big problem in Singapore still,' he admitted. 'I have a store that is near a school, and you really see a very high theft rate there. People are stealing really small things like $1 item, such as sausages.' And the competition? Fierce! 'The perception is… it is very saturated,' Albert Kong confirmed. 'You have a lot of 7-Elevens around, then you have Cheers , then you have some mamak shops, then you have Sheng Siong . Then, to a certain extent, supermarkets are also competing with you.' Still, Jaymes doesn't flinch. 'I hope to grow with them,' he said, referring to 7-E. 'I prefer to say that there's no rush to open, but more of waiting for the right opportunity.' And what's Jaymes' real 'secret sauce'? People. Despite all the hustle, Jaymes doesn't credit his success to just working hard. His biggest weapon? People skills. 'This is basically a PR game,' he said. 'My job is mainly HR and PR right now. I have to really learn to manage my team so that my team is happy, so that my team comes to work, so that my team can stay as a team.' 'I'm the glue. I'm the gel that holds them together.' And according to Albert Kong, this is Jaymes' X-factor: 'He's very passionate about the retail business, and I think he's very good with people. It's inevitable that, especially with so many stores, you will have to deal with people — your staff, with the franchisor, and the end consumer. That X-factor will make the relationship between the franchisor and franchisee long-lasting.' No magic. Just mindset. Jaymes doesn't sugarcoat his journey as well. 'It's not a bed of roses,' he warned. 'The commitment really has to be there. It's about a mindset thing, where you have to see it as your own business. And when you're committed enough, you're determined enough, you can do anything.' So if you're now sitting there wondering whether S$20,000 is enough to change your life, maybe it will. That is, if, like Jaymes, you've got no fear of 3 a.m. emergencies, no desire for material fluff, and have enough fire in you to run a business that never sleeps, then perhaps his secret sauce could work for you, too. Just don't expect any days off, any time soon, though. Think you're up for the challenge? Here's what you need to know: Franchise Programme Franchise fee starting from S$30,000 S$40,000 security deposit (refundable upon exit) Must be able to work shifts on weekends and public holidays (six-day work week) Open to Singaporeans or Permanent Residents (PRs) only, aged 21 and above Franchisepreneur Programme (Fresh Graduate Track) S$20,000 security deposit (refundable upon exit) Must be able to work shifts on weekends and public holidays (six-day work week) Open to Singaporeans or PRs aged above 21 For fresh tertiary graduates or professionals with less than six years of working experience You can fill out the application form here, and for more information, visit: We wish you all the best! And if you'd like to watch Jaymes in action and hear more about his journey, here's the full feature on CNA Insider's Money Mind episode below: So yes, indeed, if 'you're determined enough, you can do anything,' as Jaymes encouraged, which is something Reshveen Rajendran's mother also told him when he suffered a stroke: 'I had a stroke; my entire left side paralysed, but my mum told me, 'Son, you can do anything'' — SG man recalls the words that drove him to become a self-made millionaire
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'A taste of China': Luckin Coffee's US debut draws cheers from Chinese media and consumers
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