Paypal co-fouder Peter Thiel, along with existing investors, has invested $49 million in Xero, the online accounting software for small businesses.

It is Thiel’s third investment in Xero. Earlier this year, Thiel and existing investors put $16.6 million into the company. Thiel invested $3 million in New Zealand-founded Xero back in 2010.

Thiel invested in this round through Valar Ventures, the firm he backs. Matrix Capital also participated. The two investors also purchased $18 million from Xero’s three-largest shareholders. To date, Xero has raised $67 million. Matrix Capital Management has invested $47 million and Valar Ventures $20 million.

Xero bills itself as the easiest accounting software to use. It’s one of those classic new style of business apps that has a beautiful UI, making it appealing to use even if it is accounting.

Xero claims that since entering the U.S. market last year, the company has doubled its revenue and customer base, integrated with ADP’s online payroll platform, and acquired practice management suite WorkflowMax.

Xero seeks to challenge incumbents such as Intuit’s Quickbooks. Other companies that compete in the space include Freshbooks and Kashoo.

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