|Traded as||NASDAQ: XOOM|
|Founder(s)||Kevin Hartz, Alan Braverman|
San Francisco, California, United States
|Key people||Roelof Botha, (Chairman)
John Kunze, (CEO)
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.
Money Transfer Services & Countries Served
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.
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).
Home delivery services are offered to the Dominican Republic and the Philippines.
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.
Banking, Money Transfer and Retail Partners
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
- Australia – Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and Westpac
- Canada – Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and TD Canada Trust
- France – BNP Paribas, Credit Agricole, and Societe Generale
- Germany – Commerzbank, Deutsche Bank, and Postbank
- Ireland – Allied Irish Banks, Bank of Ireland, and Ulster Bank Ireland
- Italy – Poste italiane, Intesa Sanpaolo, and UniCredit
- Netherlands - ABN AMRO, ING Group, and Rabobank
- Poland - Bank Pekao SA, Bank Zachodni WBK, and PKO Bank Polski (PKO PB)
- Spain - Banco Bilbao Vizcaya Argentaria (BBVA), La Caixa, and Banco Santander
- South Africa – Absa Group Limited, Standard Bank, and First National Bank (South Africa)
- United Kingdom – Barclays, HSBC, and Lloyds TSB
Asia - All banks in the following countries including those listed
- India - IDBI Bank, Axis Bank, Citibank India, HDFC, ICICI Bank, Punjab National Bank, State Bank of India (SBI), Allahabad Bank
- Philippines - Banco de Oro Universal Bank (BDO), Bank of the Philippine Islands (BPI), Metrobank, and Philippine National Bank. Cash pickup partners include Cebuana Lhullier, Globe GCASH, a subsidiary of Globe Telecom, and MLhullier, Inc.
Latin America & Caribbean
- Argentina – Banco de la Nación Argentina, es:Banco de la Provincia de Buenos Aires, and Banco Macro
- Bolivia - Banco Bisa, Banco Mercantil SantaCruz, Banco FIE, and Banco Económico
- Brazil - Banco Bradesco S.A., Banco do Brasil, and Banco Itau
- Dominican Republic - Banco Popular and Banco BHD; Cash pickup at Caribe Express
- Chile - Banco de Chile (Citibank), Banco del Estado de Chile, and Banco Santander; Cash pickup at Afex, Abcdin and Interservice
- Colombia - es:Banco de Bogotá, Bancolombia, BBVA, and Davivienda
- Ecuador - Banco Bolivariano, Banco de Guayaquil, and Banco Pichincha; Cash pickup at Ecuagiros and Global Envíos
- El Salvador - es:Banco Agricola, HSBC El Salvador, Citibank de El Salvador; Cash pickup at Elektra, Fedecrédito, and Remesas Cuscatlán
- Guatemala - Banco Industrial, and es:Banrural; Cash pickup at es:Banco GYT Continental, S.A.
- Honduras - es:BAC Credomatic, es:Banco Atlántida S.A. and es:Grupo Financiero FICOHSA
- Jamaica - Jamaica National Building Society (JNBS), Scotiabank, and Victoria Mutual Building Society(VMBS); Cash pickup at Capital & Credit Remittance, Ltd.
- Mexico - Banamex, BBVA Bancomer, Banorte, HSBC Mexico (Bital), and Banco Santander; Cash pickup at Elektra, Famsa, and Soriana
- Nicaragua - BAC Credomatic, Banco Citibank de Nicaragua, and Banco de la Producción
- Panama – Banco Citibank (Panamá) and Super 99
- Peru - Banco de Crédito del Perú (BCP), Banco Bilbao Vizcaya Argentaria (BBVA), Interbank, and Scotiabank
- Uruguay - BBVA Uruguay and Banco Santander Uruguay; Cash pickup at More Money Transfers and Red Pagos
Third Party Certifications
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.
On September 28, 2007, Xoom closed a first E-series round of financing for $20 million. On March 25, 2010, Xoom closed an F-series round of financing for $33 million. The company went public on February 15, 2013.
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".
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.
- Xoom Corporation Investors.
- Xoom Corporation Homepage.
- Marshal, Matt (28 September 2007). "Xoom, money transfer site, raises $20M more". VentureBeat. Retrieved January 15, 2011.
- "Sequioia Capital". Techcrunch. 25 March 2010. Retrieved January 3, 2013.
- Eric Savitz (February 15, 2013). "Xoom IPO Prices At $16, Above Projected Range, Then Spikes". Forbes.
- 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.
- Debaise, Colleen (10 March 2011). "The Top 50 Venture-Backed Companies". Wall Street Journal. Retrieved March 10, 2011.
- Zoran, Basich (27 March 2012). "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". Wall Street Journal. Retrieved January 3, 2013.
- 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.