Xoom Corporation
 | |
| Subsidiary of PayPal | |
| Traded as | Part of NASDAQ: PYPL (Earlier: NASDAQ: XOOM) |
| 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 leading digital money transfer or remittance provider that allows consumers to send money, pay bills and reload mobile phones from the United States to 41 countries, including China, India, 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 will be spending $25 a share in cash, or about $1.09 billion, to acquire Xoom Corporation.[2]
Money Transfer Services
Xoom connects families and friends around the world through providing money transfer services. The company offers a fast, affordable and convenient 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 33 countries.
Xoom Mobile Reload
Customers can use Xoom to recharge prepaid mobile phones in Mexico from Telcel, Movistar, Iusacel, Nextel and Unefon. Customer can send a phone load to the Philippines to Globe, Smart, and Sun phones. Additionally, they can recharge mobile phones in India to 11 different mobile phone carriers, including Aircel, Airtel, BSNL, Idea, Reliance, Tata Docomo and Vodafone. Xoom also offers mobile reload to 19 other countries: Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Nicaragua, Pakistan, Panama, Peru, Poland, Spain, Sri Lanka and Uruguay.
Xoom Bill Pay
Customers can use Xoom to pay electricity, telephone, gas, and more bills in Mexico, Central America and the Dominican Republic. In Mexico, consumers can use Xoom to pay bills directly at CFE, Telmex, gasNatural, and Gigacable; In Dominican Republic, pay bills at edeNorte, edeSur, edeEste, Claro, Orange, Viva, Tricom, and Wind. In El Salvador, pay bills at Claro, Coess, AES and Delsur. In Guatemala, pay bills at Eegsa, EnerGuate, Tigo, Claro and Telefonica. In Nicaragua, pay bills at Claro, Movistar, IBW and Enaoal.
Countries Served
With the Xoom bank deposit service, consumers can send money directly to bank accounts in Argentina, Australia, Bolivia, Brazil, Canada, Chile, China, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, France, Germany, Guatemala, Honduras, India, Ireland, Italy, Jamaica, Mexico, Netherlands, Nicaragua, Pakistan, Panama, Peru, the Philippines, Poland, Sri Lanka, Spain, the United Kingdom, Uruguay and Vietnam.[3]
Xoom offers cash pickup service to the following countries (number of locations as of 1/3/2013): Argentina (50), Bolivia (937), Brazil (220), Chile, (172), Colombia (1,170), Costa Rica (211), Dominican Republic (899), Ecuador (1,026), El Salvador (1,156), Guatemala (9,416), Honduras (690), Jamaica (98), Mexico (15,190), Nicaragua (143), Peru (1,161), Philippines (13,643), Uruguay (861) and Vietnam (417).[3]
Home delivery services are offered to the Dominican Republic, the Philippines and Vietnam.[3]
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.[3]
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 and North America - 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, HypoVereinsbank, Deutsche Bank, UniCredit, Postbank and all others
- 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
- United Kingdom – Barclays, HSBC, and Lloyds
Asia - All banks in the following countries including those listed
- China - Bank of China, Bank of Communications, China Everbright Bank, China Construction Bank, Guangdong Rural Bank, Huaxia Bank, Harbin Bank, Henan Rural Bank, Hunan Rural Bank, ICBC, Linshang Bank, Qinghai Rural Bank
- India - IDBI Bank, Axis Bank, Citibank India, HDFC, ICICI Bank, Punjab National Bank, State Bank of India (SBI), Allahabad Bank, Yes 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.
- Pakistan - Bank AL Habib Ltd, Habib Bank Ltd, Allied Bank, CitiBank NA, Standard Chartered, Sindh Bank, Silk Bank, Soneri Bank, Bank Al-Falah, United Bank, Meezan Bank, Muslim Commercial Bank (MCB)
- SRI Lanka - Sampath Bank, Hatton National Bank, Peoples Bank, Bank of Ceylon, Cargills Bank Limited, Central Bank Of Sri Lanka, MCB Bank Ltd, Sanasa Development Bank, Senkadagala Finance PLC, Seylan Bank PLC
- Vietnam - Sacombank, Vietinbank, DongA, Vietcombank
Latin America & Caribbean
- Argentina – Banco Itau Argentina, Banco Patagonia, Banco de la Provincia de Buenos Aires, es:Nuevo Banco de Santa Fe, Banco Santander Rio, BBVA Banco Frances, Citibank Argentina, Banco Credicoop, Banco Galicia and HSBC Bank Argentina.[4]
- 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
Awards
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
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.[3]
Funding
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
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
On July 1, 2015, PayPal announced that it is acquiring Xoom corporation. PayPal will spend $25 a share in cash to acquire the publicly traded Xoom, or about $1.09 billion. The deal is expected to be closed in the fourth quarter of 2015. The move will strengthen 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 to people in 38 countries.
See also
References
- ↑ "Investor Relations". Retrieved 16 June 2015.
- ↑ "PayPal Acquires Xoom for Stake in Digital Money Transfers". nytimes. Retrieved 1 July 2015.
- 1 2 3 4 5 "Money Transfer - Send Money Online - Xoom". Retrieved 16 June 2015.
- ↑ "Bank Deposit Locations - Send money online safely and securely - Xoom". Retrieved 16 June 2015.
- ↑ 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.