Xoom, which was founded in 2001 by Kevin Hartz, who has since gone on to found Eventbrite, went public in 2013, raising $509 million. "Xoom’s compelling and reliable technology platform and consumer experience are coupled with its excellent customer service." "Xoom’s proprietary and fast 'funds-out' network enables PayPal to enter this growing marketplace with a leading technology solution with strong presence in key international markets," the company wrote. Now the company can offer Xoom's technology to its 68 million U.S. Xoom has more than 1.3 million active customers, who sent approximately $7 billion in the last year.īeyond Xoom's geographic advantages, PayPal is buying the service for a variety of other reasons as well, most especially its focus on transfers between individuals, which has so far not been PayPal's main focus. The company currently has a presence in 37 countries, in particular, Mexico, India, the Philippines, China and Brazil, all markets that PayPal made clear it is looking to expand to.
The San Francisco-based Xoom allows consumers to send money, pay bills and send mobile reloads to family and friends around the world by using their mobile phone, tablet or computer. The price represents a premium of 32% over Xoom’s three-month volume-weighted average price. The deal to buy the publically traded company was priced at $25 per share in cash, or approximately $890 million enterprise value.
PayPal announced on Wednesday that it has agree to acquire digital money transfer provider Xoom. You can add another notch to the growing list of payment startups that are exiting this year. The firm provides fast and secure payment options for customers to send money across borders seamlessly by going online or using a mobile device.The price of the acquisition was $25 a share, or $890 million This is yet another important step in our mission to provide customers with more flexible and convenient ways to have fast and easy access to their money,” said Julian King, Vice President and General Manager of Xoom.Įstablished since 2001, Xoom is a PayPal Service and a leading digital money transfer provider that enables consumers to send money, pay international bills, or reload phones for family and friends around the world. Whether it’s to provide financial help to someone who has lost their job or to help pitch in to pay bills, we’re introducing an easy and secure way for our customers to support their family and friends by sending money directly to their recipient’s eligible bank account or debit cards in the United States. “As our communities continue to navigate these uncertain times, the need to support loved ones and families has never been more critical. People across the country are seeking ways to support those who have been financially affected by the current environment. The launch comes at a critical time as more than 65 mn Americans have filed for unemployment over the course of the pandemic. The service enables consumers to send money seamlessly using recipient’s eligible debit card or bank account number, without needing to sign-up for an account with Xoom or PayPal, or fill out any forms. The new functionality allows people to securely send fast money transfers online or using the Xoom mobile app to support family and friends across the country, removing the need to wait in lines at money transfer stores as people continue to take caution and social distance amidst the pandemic. PayPal ‘s remittance service Xoom has announced the launch of direct money transfers, through which customers in the United States can now send money directly to recipient’s eligible bank account or debit card. Julian King, Vice President and General Manager of Xoom
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