The Xoom Corporation is also known as simply Xoom. It is a company that offers remittance services for consumers who want to perform financial transactions. It allows users to pay bills, send money or to reload mobile phones. They offer a useful and necessary service in the modern day with consumers demanding access to instant funds transactions. If you've never heard of Xoom before, don't feel bad because there are a lot of other people who haven't either. We were intrigued by the company and were were surprised by the interesting facts that our investigation turned up. We just had to share so here are 20 things that you probably didn't know about Xoom.
1. Xoom Corporation was founded in 2001
The company hasn't been around for that long. It was first founded in 2001. It's only been around for 18 years. The headquarters for the company is based in San Francisco, California. Xoom got its start from venture funding firms that backed its development and launch. Funders include Sequoia Capital, Fidelity Ventures, SVB Capital and New Enterprise Associates. There was a huge expense to get the infrastructure in place before the services could be launched.
2. PayPal owns Xoom
Xoom was acquired by PayPal in November of 2015. It made sense because the two companies provide similar services. The cost to PayPal at the time was $25 per share and the total that they ended up spending to make the purchase was $1.09 billion. It was an expensive acquisition but the merging of the two companies gave Xoom a solid and financially stable parent company under which they could operate.
3. Xoom is international
The company extends its services or reloading mobile phones, paying bills and sending money from the United States and Canada to a total of 131 different countries throughout the world. They also have an office that is located in Guatemala City, Guatamala. The international regions that are served through Xoom include the Philippines, Germany, Mexico, Pakistan, Australia, Guyana, India, Bangladesh and China.
4. They make their money from fees charged to users
Xoom charges users a fee for their services. The amount that is charged depends on the type of payment that is made. The least expensive type of transaction is receiving a payment through a direct debit to a bank account. The fees that are charged to receive payments and transfer them to a bank are the most expensive and they are determined by the amount of money that is being sent through the debit or credit card to the bank.
5. There are limits to the amounts you can process through Xoom
Xoom is careful to employ safeties to verify the integrity of each user account and they also have measures in place to try to prevent their service from being used in money laundering and other fraudulent schemes. There are limits to the amounts of funding that can be transferred daily, monthly and within a one half year period. This means that substantial payments cannot be processed using the Xoom payment service. When using Xoom, users also nee to become aware of the fees that their own banks may charge and if they also impose limits on the amounts that can be transferred from Xoom and similar payment services.
6. Xoom offers some other interesting features and services
When we were looking into the services that Xoom provides we were actually surprised at some of them.. In addition to offering the funds transfer services, they also provide bill payment so you can pay your monthly utility bills such as gas, telephone, cable and more within their range of foreign countries. They also offer bank deposit services for transfer of funds into a variety of different countries. What we thought was really extraordinary is the fact that they offer a cash pickup service to certain foreign countries also. And in some countries you can also get their home delivery services. This is over and above what we were expecting.
7. Xoom goes the extra mile to ensure your safety
For many people, using a payment service that they are not familiar with can be a scary proposition. There are a lot of people who have never even heard of Xoom, and when they do, they are skeptical. If you're considering using their products and services, it may be helpful to know that they are in fact certified by Truste and they are licensed by the Truste Privacy Seal Program. If you're not familiar with this agency they are accredited by the Better Business Bureau which is about as dependable as you can get. In addition to this, operation of their website uses the verified by Verisign seal. Considering that they've gone through all of these steps, they are a business that you can trust as much as you do PayPal. After all, they are a subsidiary of PayPal.
8. Xoom went public on February 13 of 2013
Until this date, Xoom was a privately held company. It took several rounds of investor funding to get them to this point though. In September of 2007, the company received $20 million in its first E-series round of funding. The next round of F-series financing for Xoom closed in March of 2010 and that amount was for $33 million. Within three years the company was on solid footing and they qualified to go public with shares available for purchase in the company.
9. They're one of the top rated in the industry
Xoom is a company that received high marks in the remittance service providers category. They received the distinction of becoming a company with the "highest consumer satisfaction ratings in transparency of the fee, transparency of the foreign exchange and value." This honor was bestowed upon them in 2010. What it means is that they do not try to hide behind any small print or technical jargon. Their fees are clearly posted for the type of transaction that is being requested and for the amount. There are far too many variations to list here but when you use their service, they provide all the information that you'll need to know.
10. The Wall Street Journal honored them
It's always a big deal when a business is mentioned in the Wall Street Journal. Xoom was listed in their annual list called the "Next Big Thing List." They were named as one of the fifty "most promising venture backed companies." This is yet another big honor that Xoom was given in March of 2011, and then again in September of 2012. For two consecutive years they were the recipients of a prestigious distinction. This helps to build confidence in the company by investors as well as from consumers. They're a safe bet when to comes to their niche in the finance and remittance industry.
11. Xoom beat out 50 other similar businesses in 2012
A Follow up survey was conducted in October of 2012. It was made by the Inter-American Dialogue of a total of 51 providers of remittance service for the United States to the market in Latin America. Out of the 51 service providers, Xoom was the one that was given the top score. They were ranked according to several different factors including their network, inclusiveness, the countries that they served, fees and a few other criteria. Xoom landed on top in all of these categories.
12. Xoom improved PayPal's international business
One of the smartest moves that PayPal could have made was to acquire Xoom. By doing so, they made great improvements to their international business. The addition of Xoom shored up and strengthened the existing international business services that they provided because it granted them access to the customers that were already on board with Xoom in the United States. This equaled 1.3 million active customers who sent around $7 billion total in transactions in 2015. The statistics for that year showed that these services were being utilized for transactions that included origination from the United States to a total of 38 other countries throughout the world. Xoom is considered to be the international money transfer service of PayPal.
13. Xoom agreed to a partnership with Ria
Ria is a subsidiary of the global leader in money remittances, Euronet Worldwide. Xoom entered into a parnershhip with them to provide Xoom customers with cash pick up service. This will extend their coverage dramatically as Ria has 150,000 international network locations. This means that Xoom's presence is going to increase throughout Africa and Eastern Europe dramatically. As of now, customers in the USA can reach 70% of the countries throughout the world. And this can be accomplished through using a pc or your mobile phone.
14. Xoom is growing their global footprint
The partnerships with Ria marks an important chapter in Xoom's story and it will be recorded in their history as the era when they expanded exponentially. They're even able to reach into countries that have limitations in their internet infrastructures. It's providing a way for customers to send funding to loved ones almost anywhere in the world and the service guarantees their services to be reliable, safe, secure, and fast. It doesn't get much better than that.
15. Xoom gained enhancements in technology and service quality through the deal
When Xoom partnered with Ria, they not only gained access to an extensive physical network around the world, thy also partnered with a group that has a reputation for their sped and their accuracy. Euronet is known for helping other payment companies improve their value by accelerating their speed in an industry that needs to be fast moving in order to remain competitive in this sector of the market.
16. Xoom and PayPal help improve financial health
Because of the vital services that both of these interrelated companies provide, the financial health of millions of consumers is getting better. Their fees are reasonable and they make it super easy to transfer funding and payments of all type from one person or business to another. It's a great resource for companies who hire individuals who work for them remotely to ensure that their payments are made regularly and on time.
17. Xoom is fully optimized
These days, many people rely on mobile technology to conduct most if not of their business transactions, especially when it comes to the finances. Xoom offers consumers a mobile app that can be downloaded for both Android and iOS. In order to access the app, all you need to do is to go to Xoom.com, download and install. This will give you all the tools that you need to start sending money internationally.
18. Xoom is extending PayPal's commitment
This fact is something that many people who have used PayPal or Xoom are not aware of. PayPal has made a commitment to providing their business to people who need access to their financial remittance services to improve their financial lives. They are transparent about their goals to empower individuals as well as businesses to becoming a part of the global community. A whole new world is opened through the financial services that are provided. There are more than 244 million active PayPal account holders who use their open digital payment platform.
19. Xoom is one of the best kept secrets for international funds transfer
Even though there are millions of users who currently use Xoom, there are even more users who have never heard of the company. Of course, if you have no reason to make international funds transfers then it may not be a service that would be useful to you. If you do, however, it can add an element of convenience to your life. It can help you to avoid long lines at Western Union transfer and other international money transfer stations. We are impressed with the scope of services that Xoom provides for consumers and it's so well connected that it's something that everybody needs to know about. If you send money to anyone internationally, then you might want to give them a try.
Written by Dana Hanson
Read more posts by Dana Hanson