Xoom Corporation (also known as Xoom, a PayPal Service) is an
electronic funds transfer
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of b ...
or
remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes wi ...
provider that allows consumers to send money, pay bills and reload mobile phones from the United States and Canada to 131 countries.
History
Xoom Corporation was founded in 2001 and has its headquarters in
San Francisco
San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17t ...
, California.
In June 2010, Xoom was cited in a study by the
Inter-American Dialogue of 79 remittance service providers as having amongst the highest consumer satisfaction ratings.
In March 2011, and in September 2012, Xoom was listed in the "
Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
's" annual "Next Big Thing List" list of the 50 most promising venture-backed companies.
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, ranked Xoom top for fees charged and countries served.
Funding and ownership
On September 28, 2007, Xoom closed a first E-series round of financing for $20 million.
Peter Thiel
Peter Andreas Thiel (; born 11 October 1967) is a German-American billionaire entrepreneur, venture capitalist, and political activist. A co-founder of PayPal, Palantir Technologies, and Founders Fund, he was the first outside investor in F ...
was an early investor in Xoom Corporation.
Xoom
went public on February 15, 2013.
In November 2015,
PayPal
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper ...
acquired Xoom Corporation for $25 a share, to a total of about $1.09 billion.
See also
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Sequoia Capital
Sequoia Capital is an American venture capital firm. The firm is headquartered in Menlo Park, California, and specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. , Sequoia's total ...
*
Xoom (web hosting)
Xoom was an early dot-com company that provided free unlimited space web hosting, similar to GeoCities. The domain "xoom.com" is now held by the Xoom Corporation, an international-focused money transfer website run by PayPal.
History
Xoom was f ...
, the original owner of xoom.com
Further reading
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References
External links
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{{Payment service providers
2013 initial public offerings
Companies based in San Francisco
Financial services companies established in 2001
American companies established in 2001
Financial services companies of the United States
Online remittance providers
Payment service providers
2015 mergers and acquisitions
PayPal