Xoom Corporation (NASDAQ: XOOM) was founded in 2001 and is headquartered in San Francisco, California. It has 295 full-time employees. It is an online remittance service provider. The company provides faster and cheaper services for small remittances. Consumers can use US accounts. Or credit card transfer directly to bank accounts in more than 30 countries.
On July 1, 2015, PayPal announced its plan to acquire Xoom. PayPal plans to acquire the publicly traded Xoom for $25 in cash per share, or about $1.09 billion. The transaction was completed in November of the same year, and the latter’s stock was delisted.
Through Xoom’s services, American users can use mobile phones, tablets or computers to send money to friends and family around the world, with a single remittance limit of up to $3,000. In the first 12 months ended March 31, 2015, 1.3 million users from 37 countries transferred $7 billion through Xoom, and Xoom covered countries including Mexico, China, and India. About 90% of Xoom’s business comes from repeat users, and 60% of remittances are done through mobile devices.
As of June 30, 2015, XOOM provides services and countries including:
- Bank deposit service, customers can directly transfer money to the following national bank accounts: Argentina, Australia, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, France, Germany, Guatemala, Honduras, India, Ireland, Italy, Jamaica, Mexico, the Netherlands, Nicaragua, Pakistan, Panama, Peru, Philippines, Poland, Sri Lanka, Spain, United Kingdom, Uruguay and Vietnam.
- Cash pickup service (cash pickup service): Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Peru, Philippines, Uruguay and Vietnam.
- Home delivery services: Provided to the Dominican Republic, the Philippines and Vietnam.
The customer pays to XOOM using a U.S. bank card, and XOOM deducts the handling fee and pays the money to the designated transfer account, which can be credited in US dollars or in the local currency where the transfer account is located.
XOOM Company History Encyclopedia:
- In 2001, XOOM was founded;
- On September 28, 2007, XOOM completed the E round of financing and raised 20 million US dollars;
- On March 25, 2010, XOOM completed the F round of financing and raised 33 million US dollars;
- On February 15, 2013, XOOM Company IPO, public offering on Nasdaq;
- On July 1, 2015, XOOM was acquired by Paypal, a spin-off of eBay , for US$890 million. It is expected to be completed in the fourth quarter of 2015.
Xoom Corporation investment:
Delisted due to being acquired by PAYPAL!