18 December 2017
visit www.avoka.com

PayPal to enter international money transfer market with Xoom acquisition

02 July 2015  |  8440 views  |  0 cash

PayPal is forcing its way into the booming market for international remittances with a proposed $890 million acquisition of money transfer startup Xoom.

Xoom enables customers in the US to send money to, and pay bills for, family and friends around the world using their mobile phones, tablets or computers. During the 12 months ended 31 March, 2015, Xoom’s more than 1.3 million active customers sent approximately $7 billion via the San Francisco-based firm.

Dan Schulman, president of PayPal, says: “Expanding into international money transfer and remittances aligns with our strategic vision to democratise the movement and management of money. Acquiring Xoom allows PayPal to offer a broader range of services to our global customer base, increase customer engagement and enter an important and growing adjacent marketplace. Xoom’s presence in 37 countries - in particular, Mexico, India, the Philippines, China and Brazil - will help us accelerate our expansion in these important markets.”

Upon closing, Xoom will operate as a separate service within PayPal. The acquisition is expected to close in the fourth quarter of 2015, subject to Xoom stockholder approval and the receipt of consents relating to the firm’s money transmitter licenses.

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

PayPal brings One Touch for the Web to UK and Canada

PayPal brings One Touch for the Web to UK and Canada

09 June 2015  |  5362 views  |  0 comments | 8 tweets | 9 linkedin
PayPal faces $25m bill over CFPB's online credit allegations

PayPal faces $25m bill over CFPB's online credit allegations

19 May 2015  |  5230 views  |  0 comments | 3 tweets | 3 linkedin
PayPal pays $7.7m in US sanctions case

PayPal pays $7.7m in US sanctions case

26 March 2015  |  6455 views  |  4 comments | 11 tweets | 10 linkedin
PayPal to create cyber-crime centre in Israel following CyActive acquisition

PayPal to create cyber-crime centre in Israel following CyActive acquisition

10 March 2015  |  12970 views  |  0 comments | 8 tweets | 10 linkedin
PayPal's Schulman lays out plan to rule the digital commerce world

PayPal's Schulman lays out plan to rule the digital commerce world

06 March 2015  |  18603 views  |  3 comments | 26 tweets | 26 linkedin
PayPal buys mobile payments firm Paydiant

PayPal buys mobile payments firm Paydiant

02 March 2015  |  10915 views  |  0 comments | 21 tweets | 17 linkedin
Money transfer firm Xoom suffers $30.8m fraud

Money transfer firm Xoom suffers $30.8m fraud

06 January 2015  |  8502 views  |  0 comments | 10 tweets | 14 linkedin
EBay and PayPal to split

EBay and PayPal to split

30 September 2014  |  7583 views  |  0 comments | 25 tweets | 26 linkedin
Xoom rides remittance wave to IPO

Xoom rides remittance wave to IPO

15 February 2013  |  5368 views  |  0 comments | 4 tweets | 2 linkedin
Xoom raises $15m; introduces WebAgent remittance system

Xoom raises $15m; introduces WebAgent remittance system

19 June 2006  |  8069 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.ebaday.comvisit www.atos.net

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11241 views comments | 3 tweets | 3 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
10168 views comments | 21 tweets | 23 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7774 views comments | 19 tweets | 22 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7437 views comments | 5 tweets | 11 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7399 views comments | 6 tweets | 26 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job