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Xoom Corporation

Xoom Corporation (also known as Xoom, a PayPal Service) is an electronic funds transfer and remittance provider.

History

Xoom Corporation was founded in 2001 by software developer Alan Braverman and entrepreneur Kevin Hartz, with its headquarters in San Francisco, California.[1][2]

In June 2010, Xoom was included in a study by the Inter-American Dialogue of 79 remittance service providers, which evaluated consumer satisfaction.[3]

In March 2011, and September 2012, Xoom was included in The Wall Street Journal's annual "Next Big Thing List" list, which highlights venture-backed companies identified by the publication as notable emerging businesses.[4][5]

In October 2012, a follow-up survey by the Inter-American Dialogue of 51 remittance service providers in the U.S. to Latin America market ranked Xoom among the top providers evaluated for fees and geographic reach.[6]

Funding and ownership

On September 28, 2007, Xoom closed a first E-series round of financing for $20 million. Peter Thiel was among the early investors in the company.[7] Xoom went public on February 15, 2013.[8] In November 2015, PayPal acquired Xoom for $25 per share, a transaction valued at approximately $1.09 billion.[9][10]

See also

Further reading

External links

References

  1. Sequoia Capital-Xoom Sequoia Capital, retrieved 10 February 2021^
  2. Ryan Mac. PayPal To Acquire Digital Money Transfer Company Xoom Before eBay Split Forbes, July 1, 2015, retrieved November 26, 2024^
  3. Manuel Orozco. A Scorecard in the Market for Money Transfers: Trends in Competition in Latin America and the Caribbean Inter-American Dialogue, 10 June 2010, retrieved January 14, 2011^
  4. Colleen Debaise. The Top 50 Venture-Backed Companies The Wall Street Journal, 10 March 2011, retrieved March 10, 2011^
  5. Basich Zoran. Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups The Wall Street Journal, 27 March 2012, retrieved January 3, 2013^
  6. Manuel Orozco. The Market for Money Transfers: Ranking of Remittance Service Providers in Latin America and the Caribbean Inter-American Dialogue, 24 October 2012, retrieved January 3, 2013^
  7. Matt Marshal. Xoom, money transfer site, raises $20M more VentureBeat, 28 September 2007, retrieved January 15, 2011^
  8. Eric Savitz. Xoom IPO Prices At $16, Above Projected Range, Then Spikes Forbes, February 15, 2013^
  9. PayPal Acquires Xoom for Stake in Digital Money Transfers nytimes, retrieved 1 July 2015^
  10. PayPal-Xoom Deal Now Official pymnts.com, 2015-11-13, retrieved 2016-06-07^