Xoom (money transfer service)

Xoom, A PayPal Service (previously Xoom Corporation)
TypeMoney transfer
IndustryFinancial services
Founded2001 (2001)
Founders
HeadquartersSan Francisco, California,
U.S.
Areas served
United States, Canada, Europe, United Kingdom, Australia
ServicesElectronic funds transfer
Remittance provider
ParentPayPal (2015–present)
Websitexoom.com

Xoom (previously known as Xoom Corporation) is a digital money transfer service owned by PayPal that enables users to send money internationally to recipients in 160 countries. The service allows individuals in the United States, Canada, the United Kingdom, and select European countries to transfer funds through bank deposit, mobile wallet, and cash pickup options. Xoom also offers international bill payment and mobile phone reloading in select markets.

Xoom was founded in 2001 in San Francisco, California. PayPal acquired the company in November 2015 for approximately $1.09 billion.

History

Founding and early development

Xoom was founded in 2001 by software developer Alan Braverman and entrepreneur Kevin Hartz, with its headquarters in San Francisco, California.[1][2] The company initially focused on money transfers to Latin America before expanding to additional corridors in Asia and Europe.

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]

Initial public offering

Xoom went public on February 15, 2013, pricing its IPO at $16 per share, above the projected offering range.[7][8] The company traded on the NASDAQ under the ticker symbol XOOM.

Acquisition by PayPal

In July 2015, PayPal announced its intention to acquire Xoom Corporation.[9] The transaction was completed in November 2015 for $25 per share, valuing the acquisition at approximately $1.09 billion.[10][11] Following the acquisition, Xoom operated as a subsidiary of PayPal and was rebranded as Xoom, A PayPal Service.

Services

Money transfer

Xoom enables users to send money to recipients in 160 countries. Transfers may be funded through a bank account, debit card, credit card, PayPal balance, or PYUSD.[12][13] Recipients can receive funds through several delivery methods depending on the destination country:[14]

  • Bank deposit directly into the recipient's bank account
  • Cash pickup at agent locations, including banks, retail outlets, and dedicated money transfer agents in the destination country
  • Mobile wallet transfer, including services such as UPI in India and GCash in the Philippines [15][16]

Verified users may send up to $50,000 per transaction.[17][18]

Recognition and awards

In 2025 and 2026, Xoom was listed as "Best for convenience" in CNBC Select's annual ranking of international money transfer services.[19]

In March 2011 and September 2012, Xoom appeared on The Wall Street Journal's "Next Big Thing" list of notable emerging venture-backed companies.[20]

The Inter-American Dialogue's 2012 survey of U.S.-to-Latin America remittance providers ranked Xoom among the top providers evaluated for fees and geographic reach.[21]

Partnerships and sponsorships

In 2026, Xoom entered into a sponsorship agreement with the Texas Super Kings, a franchise in Major League Cricket, a professional Twenty20 cricket competition in the United States.[22]

See also

References

  1. ↑ "Sequoia Capital-Xoom". Sequoia Capital. Retrieved 10 February 2021.
  2. ↑ Mac, Ryan (July 1, 2015). "PayPal To Acquire Digital Money Transfer Company Xoom Before eBay Split". Forbes. Retrieved November 26, 2024.
  3. ↑ 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.
  4. ↑ Debaise, Colleen (10 March 2011). "The Top 50 Venture-Backed Companies". The Wall Street Journal. Retrieved March 10, 2011.
  5. ↑ Zoran, Basich (27 March 2012). "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". The Wall Street Journal. Retrieved January 3, 2013.
  6. ↑ 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.
  7. ↑ Eric Savitz (February 15, 2013). "Xoom IPO Prices At $16, Above Projected Range, Then Spikes". Forbes.
  8. ↑ "Form S-1 Registration Statement". U.S. Securities and Exchange Commission. 2013. Retrieved 22 July 2026.
  9. ↑ "Form DEFM14A". U.S. Securities and Exchange Commission. 2015. Retrieved 22 July 2026.
  10. ↑ "PayPal Acquires Xoom for Stake in Digital Money Transfers". nytimes. Retrieved 1 July 2015.
  11. ↑ "PayPal-Xoom Deal Now Official". pymnts.com. 2015-11-13. Retrieved 2016-06-07.
  12. ↑ "PayPal Teams Up With Xoom for Cross-Border Stablecoin Payments". Brave New Coin. 2025. Retrieved 22 July 2026.
  13. ↑ "Electronic Funding Rails and Interoperability of Digital Wallet Ecosystems". GooglePlay. Retrieved 22 July 2026.
  14. ↑ Benjamin, Andreina Rodriguez,Maya (2025-08-21). "The best ways to send money internationally in 2026". CNBC. Retrieved 2026-06-19.{{cite web}}: CS1 maint: multiple names: authors list (link)
  15. ↑ "PayPal's Xoom adds UPI payments enabling NRIs and PIOs to remit money to India in real time". PR Newswire. Retrieved 2026-06-19.
  16. ↑ "Official remittance partners". GCash Help Center. Retrieved 2026-06-19.
  17. ↑ Benjamin, Andreina Rodriguez,Maya (2025-08-21). "The best ways to send money internationally in 2026". CNBC. Retrieved 2026-06-19.{{cite web}}: CS1 maint: multiple names: authors list (link)
  18. ↑ World Bank Group. Remittance Prices Worldwide (Report). Retrieved 22 July 2026.
  19. ↑ Benjamin, Andreina Rodriguez,Maya (2025-08-21). "The best ways to send money internationally in 2026". CNBC. Retrieved 2026-06-19.{{cite web}}: CS1 maint: multiple names: authors list (link)
  20. ↑ Maltby, Zoran Basich And Emily (2012-09-26). "Looking for the 'Next Big Thing'? Ranking the Top 50 Start-Ups". Wall Street Journal. ISSN 0099-9660. Retrieved 2026-06-19.
  21. ↑ "Inter-American Dialogue". www.thedialogue.org. Archived from the original on 2013-12-03. Retrieved 2026-06-19.
  22. ↑ Kings, Texas Super. "Texas Super Kings Announce Xoom as Official Remittance Sponsor for 2026 Season". www.prnewswire.com. Retrieved 2026-06-19.

Further reading

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