PayPal Stories Archive

On July 1st, we announced our agreement to acquire Xoom, one of the most innovative providers in the international remittances space. Today, I am thrilled to announce that the acquisition is complete and Xoom is officially part of the PayPal family!

 

PayPal is reimagining financial services, making it simpler, safer and less expensive for people to spend, save, manage and move money. We want to make a major difference in people’s lives by putting the full range of financial services directly in their hands through their mobile devices, tablets and computers. Xoom will play a critical role in this effort.

 

Xoom makes the management and movement of money easier by helping people in the United States to easily, quickly and securely send money around the world to their loved ones. Xoom already helps 1.5 million customers to send money to and pay bills for family and friends in 40 countries. Beyond its impressive reach, Xoom also gives these customers peace of mind by making the transactions to their loved ones across the globe in places like Brazil, China, India, Mexico and the Philippines in a more secure, safer and faster way.

 

Money transfer is an industry ripe for disruption.  Global remittances represent an estimated $600 billion opportunity, yet today this primarily cash-based system of sending money abroad can be time-consuming, insecure and expensive.  There is no more personal payment experience than sending your hard-earned money home to help the people you love.  Making international remittances simpler, safer and more affordable is something PayPal is excited to do with our Xoom colleagues. 

 

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