Xoom Corporation

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xoom.com
Subsidiary of PayPal
Traded as Part of NASDAQPYPL (Earlier: NASDAQXOOM)
Industry Remittances
Founded 2001
Founder Kevin Hartz, Alan Braverman
Headquarters San Francisco, California, United States
Key people
Roelof Botha, (Chairman)
John Kunze, (CEO)
Products Financial services
Number of employees
300+ (2015)
Parent PayPal
Slogan The easiest way to send money, reload phones and pay bills around the world.
Website https://www.xoom.com

Xoom Corporation, also Xoom, a PayPal Service is a digital money transfer or remittance provider that allows consumers to send money, pay bills and reload mobile phones from the United States to 52 countries, including China, India, Guyana, Pakistan, Mexico and the Philippines. The company was founded in 2001, is based in San Francisco, CA, and has an office in Guatemala City, Guatemala. Xoom was an independent publicly traded company and was initially backed by venture firms including Sequoia Capital, New Enterprise Associates, SVB Capital, and Fidelity Ventures.[1] On July 1, 2015, PayPal announced that it intended to spend $25 a share in cash, or about $1.09 billion, to acquire Xoom Corporation.[2] The deal closed in November 2015.[3]

Money Transfer Services[edit]

Xoom provides worldwide money transfer services. The company offers a way to securely send money, pay bills and reload phones through a mobile app, as well as a desktop and mobile site. Xoom sends money for cash pickup, home delivery or bank deposit to many countries. 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.[4]

Xoom Mobile Reload[edit]

Customers can use Xoom to recharge prepaid mobile phones in select countries.

Xoom bill pay and deposit features[edit]

Customers can use Xoom to pay electricity, telephone, gas, and more bills in select foreign countries. With the Xoom bank deposit service, consumers can send money directly to bank accounts in various countries, and the company also offers cash pickup services to select foreign countries as well. Some countries also offer home delivery services.[citation needed]

Awards[edit]

Telly Awards

2014 Silver Award: Heroes de Blanco y Rojo, Olimpiadas Londres, Hispanic Category

2014 Bronze Award: Better Way's "Pony" Commercial, Hispanic Category

2014 Bronze Award: "Noong Unang Panahon” (“In The Olden Days”); Filipino-American Market CATEGORY: Regional TV & Multi-Market Cable - Financial Services (non-bank)

2014 Bronze Award: “No More Hooky;” Filipino-American Market CATEGORY: Local TV & Local Cable - Use of Humor

2014 Bronze Award: “No MoreHooky;” Filipino-American Market CATEGORY: Regional TV & Multi-Market Cable - Use of Humor

2013 Bronze Award: “Captain Xoom;” Filipino-American Market CATEGORY: Regional TV & Multi-Market

2012 Bronze Award: “Better Way;” Filipino-American Market CATEGORY: Regional TV & Multi-Market

Association of National Advertisers (ANA)

2012 ANA's Multicultural Excellence Awards, Grand Prize for Hispanic Category

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.[4]

Funding[edit]

On September 28, 2007, Xoom closed a first E-series round of financing for $20 million.[5] On March 25, 2010, Xoom closed an F-series round of financing for $33 million.[6] The company went public on February 15, 2013.[7]

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".[8]

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.[9][10]

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.[11]

Acquisition by PayPal[edit]

On July 1, 2015, PayPal announced that it planned to acquire Xoom corporation. PayPal intended to spend $25 a share in cash to acquire the publicly traded Xoom, or about $1.09 billion. The deal closed in November 2015. The move strengthened PayPal’s international business, giving it access to Xoom’s 1.3 million active U.S. customers that sent about $7 billion in the 12 months ending on March 31, 2015 to people in 38 countries.[3]

See also[edit]

References[edit]

  1. ^ "Investor Relations". Retrieved 16 June 2015. 
  2. ^ "PayPal Acquires Xoom for Stake in Digital Money Transfers". nytimes. Retrieved 1 July 2015. 
  3. ^ a b "PayPal-Xoom Deal Now Official". pymnts.com. 2015-11-13. Retrieved 2016-06-07. 
  4. ^ a b "Money Transfer - Send Money Online - Xoom". Retrieved 16 June 2015. 
  5. ^ Marshal, Matt (28 September 2007). "Xoom, money transfer site, raises $20M more". VentureBeat. Retrieved January 15, 2011. 
  6. ^ "Sequioia Capital". Techcrunch. 25 March 2010. Retrieved January 3, 2013. 
  7. ^ Eric Savitz (February 15, 2013). "Xoom IPO Prices At $16, Above Projected Range, Then Spikes". Forbes. 
  8. ^ 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. Archived from the original on July 28, 2011. Retrieved January 14, 2011. 
  9. ^ Debaise, Colleen (10 March 2011). "The Top 50 Venture-Backed Companies". Wall Street Journal. Retrieved March 10, 2011. 
  10. ^ Zoran, Basich (27 March 2012). "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". Wall Street Journal. Retrieved January 3, 2013. 
  11. ^ Orozco, Manuel (24 October 2012). "The Market for Money Transfers: Ranking of Remittance Service Providers in Latin America and the Caribbean". Inter-American Dialogue. Archived from the original on December 3, 2013. Retrieved January 3, 2013. 

External links[edit]