Xoom raises $15m; introduces WebAgent remittance system
19 June 2006 | 8196 views | 0
San Francisco-based money transfer outfit Xoom has raised $15 million in a funding round led by Boston-based Fidelity Ventures and including previous investors Sequoia Capital, New Enterprise Associates and SVB Capital.
The news comes as the vendor launches a new turn-key solution, Xoom WebAgent, which enables firms to expand their money transfer business and introduce remittance processing services.
James Joaquin, CEO, Xoom,firms can quickly build or expand their money transfer business because Xoom has already set up large and reliable disbursement networks overseas, deployed secure technology and complied with banking and anti-money laundering regulations.
The vendor says Mid-western bank MetaBank is one of the first to implement it's WebAgent system to provide remittance services to customers.
Commenting on the new service, the vendor's newly-appointed senior vice president Gene Gutierrez - an ex-senior banker who helped build the global remittance division at Wells Fargo - says: "Xoom's turn-key global remittance service is the first of its kind. Retailers and financial services companies can now launch new money transfer services in record time while remaining in control of branding and pricing."