The company's platform, which has 3.3 million subscribers, aims to aid small businesses by providing them with the accounting software needed to manage their finances.

The other official sponsors of the competition are Chinese SUV manufacturer Haval, sports drink Kingsley, South African brandy Klipdrift and 5G network Rain.

"At Xero, we believe in the power of sport but also its relationship with the community - from the players, to the families and fans on the sideline, and for us in particular, small businesses supporting the sport," Colin Timmis, the country manager for Xero South Africa, said.

"What better way to all come together than at such an iconic South African sports event.

"We look forward to being part of an incredible tournament this year."

Alan Gilpin, the World Rugby chief executive added: "We’re delighted to be working with Xero to make those connections even stronger as they support the range of small businesses across South Africa who are key to making Rugby World Cup Sevens 2022 the best tournament it can possibly be."

The competition is due to be held between September 9 and 11.

New Zealand are attempting to defend both the men's and women's titles.