25 September 2016
Visit dh.com

Xoom rides remittance wave to IPO

15 February 2013  |  4954 views  |  0 golden egg

Early investors in PayPal are set for another windfall following the IPO of Internet remittance company Xoom.

Co-founded in 2001 by former PayPal investor Kevin Hartz, San Francisco-based Xoom has set the offer price for today's scheduled public flotation of 4.6 million shares at $16 per share, valuing the company at $500 million. Alongside Hartz, other former PayPal luminaries in the Xoom boardroom include Keith Rabois and Roelof Botha.

Targetting the US immigrant market, Xoom allows mobile and Web-based cash transfer to 30 countries using funds sourced from a bank account, credit card or PayPal account. Its revenue grew 68% in the first nine months of 2012, to $57.8 million, and it estimates revenue to be in the range of $21.9 million to $22.4 million for the three months ended 31 December, 2012. The company has yet to post a profit.

Xoom is looking to raise $100 million from the IPO, with venture capital firms including Sequoia Capital retaining a roughly 18% stake after the offering and other early investors keeping 40%.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Xoom raises $15m; introduces WebAgent remittance system

Xoom raises $15m; introduces WebAgent remittance system

19 June 2006  |  7676 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.smartstream-stp.comFind out more

Top topics

Most viewed Most shared
Co-habitation with banks key to fintech futureCo-habitation with banks key to fintech fu...
13500 views comments | 34 tweets | 34 linkedin
hands typing furiouslyGoogle's Larry Page buys a 'major global b...
12890 views 0 | 31 tweets | 25 linkedin
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
11080 views comments | 43 tweets | 28 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8329 views comments | 16 tweets | 25 linkedin
Deutsche Bank teams up with accelerator to back fintech startupsDeutsche Bank teams up with accelerator to...
7043 views comments | 12 tweets | 5 linkedin

Featured job

Find your next job