Xoom Corporation

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Xoom Corporation, also Xoom, a PayPal Service is a digital money transfer or remittance provider that allows consumers to send money, pay bills and reload mobile phones from the United States to 52 countries, including China, India, Guyana, 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. On July 1, 2015, PayPal announced that it intended to spend $25 a share in cash, or about $1.09 billion, to acquire Xoom Corporation. The deal closed in November 2015. Xoom provides worldwide money transfer services. The company offers a 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 many countries. 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. Customers can use Xoom to recharge prepaid mobile phones in select countries.