Xoom Corporation

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xoom.com
Type Public company
Traded as NASDAQXOOM
Industry Remittances
Founded 2001
Founder(s) Kevin Hartz, Alan Braverman
Headquarters Shell Building
San Francisco, California, United States
Key people Roelof Botha, (Chairman)
John Kunze, (CEO)
Products Financial services
Employees 140+ (2013)
Website xoom.com

Xoom Corporation is a digital money transfer company based in San Francisco. It provides consumer remittance services to the Philippines, India, Latin America, Europe, Australia, Canada, and South Africa. The company was founded in 2001 and is backed by venture firms including Sequoia Capital, New Enterprise Associates, SVB Capital, and Fidelity Ventures.[1]

Xoom Headquarters
Xoom Headquarters in the Shell Building (San Francisco).

Money Transfer Services & Countries Served[edit]

With the Xoom bank deposit service, consumers can send money directly to bank accounts in Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, France, Germany, Guatemala, Honduras, India, Ireland, Italy, Jamaica, Mexico, Netherlands, Nicaragua, Panama, Peru, the Philippines, Poland, South Africa, Spain, the United Kingdom, and Uruguay.[2]

Xoom also offers cash pickup service to the following countries (number of locations as of 1/3/2013): Argentina (68), Bolivia (333), Brazil (3,798), Chile, (172), Colombia (981), Costa Rica (87), Dominican Republic (367), Ecuador (989), El Salvador (895), Guatemala (2,101), Honduras (692), Jamaica (494), Mexico (15,374), Nicaragua (150), Panama (18), Peru (1,073), Philippines (10,951), and Uruguay (279).[2]

Home delivery services are offered to the Dominican Republic and the Philippines.[2]

Consumers pay for Xoom money transfers using funds from their U.S. bank account, credit card, or debit card. The money transfers are paid out in either U.S. dollars or in local currency.[2]

Banking, Money Transfer and Retail Partners[edit]

Xoom provides money transfer services to banks, money transfer companies, and retailers, banks in the following countries and regions.

Europe, North America and Africa - All banks in the following countries including those listed

Asia - All banks in the following countries including those listed

Latin America & Caribbean

Third Party Certifications[edit]

Xoom is certified by TRUSTe as a licensee of the TRUSTe® Privacy Seal Program, is an accredited business of the Better Business Bureau, and operates its website using the verified by Verisign seal.[2]

Funding[edit]

On September 28, 2007, Xoom closed a first E-series round of financing for $20 million.[3] On March 25, 2010, Xoom closed an F-series round of financing for $33 million.[4] The company went public on February 15, 2013.[5]

Industry Reviews[edit]

In June 2010, Xoom was cited in a study by the Inter-American Dialogue of 79 remittance service providers as having the "highest consumer satisfaction ratings in transparency of the fee, transparency of the foreign exchange, and value".[6]

In March 2011 and in September 2012, Xoom was listed in the Wall Street Journal's annual "Next Big Thing List" list of the 50 most promising venture backed companies.[7][8]

In October 2012, in a follow up survey by the Inter-American Dialogue of 51 remittance service providers for the US to Latin America market, Xoom received the top score, using a variety of factors including countries served, fees, FX, network, and inclusiveness.[9]

See also[edit]

References[edit]

  1. ^ Xoom Corporation Investors.
  2. ^ a b c d e Xoom Corporation Homepage.
  3. ^ Marshal, Matt (28 September 2007). "Xoom, money transfer site, raises $20M more". VentureBeat. Retrieved January 15, 2011. 
  4. ^ "Sequioia Capital". Techcrunch. 25 March 2010. Retrieved January 3, 2013. 
  5. ^ Eric Savitz (February 15, 2013). "Xoom IPO Prices At $16, Above Projected Range, Then Spikes". Forbes. 
  6. ^ Orozco, Manuel (10 June 2010). "A Scorecard in the Market for Money Transfers: Trends in Competition in Latin America and the Caribbean". Inter-American Dialogue. Retrieved January 14, 2011. 
  7. ^ Debaise, Colleen (10 March 2011). "The Top 50 Venture-Backed Companies". Wall Street Journal. Retrieved March 10, 2011. 
  8. ^ Zoran, Basich (27 March 2012). "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". Wall Street Journal. Retrieved January 3, 2013. 
  9. ^ Orozco, Manuel (24 October 2012). "The Market for Money Transfers: Ranking of Remittance Service Providers in Latin America and the Caribbean". Inter-American Dialogue. Retrieved January 3, 2013. 

External links[edit]