Xoom Corporation
Encyclopedia
Xoom Corporation is a San Francisco-based online money transfer company that provides consumer remittance services to the Philippines
, India
, Latin America
, Europe
, Australia
, Canada
, and South Africa
. The company was founded in 2001 and is backed by the venture firms Sequoia Capital
, New Enterprise Associates
, SVB Capital, and Fidelity Ventures
.
Asia
Latin America & Caribbean
United Kingdom
, Australia
, Bolivia
, Brazil
, Canada
, Chile
, Colombia
, Costa Rica
, the Dominican Republic
, Ecuador
, El Salvador
, France
, Germany
, Guatemala
, Honduras
, India
, Ireland
, Italy
, Jamaica
, Mexico
, Netherlands
, Nicaragua
, Panama
, Peru
, the Philippines
, Poland
, South Africa
, Spain
, the United Kingdom
, and Uruguay
.
The company also offers cash pickup service to the following countries (number of locations): Argentina (314), Bolivia (333), Brazil (3,798), Chile, (172), Colombia (981), Costa Rica (87), Dominican Republic (333), Ecuador (577), El Salvador (639), Guatemala (1,435), Honduras (628), Jamaica (104), Mexico (13,693), Nicaragua (159), Panama (42), Peru (1,073), Philippines (9,114), and Uruguay (279).
Home delivery services are offered to the Dominican Republic and to the Philippines.
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.
as a licensee of the TRUSTe® Privacy Seal Program, is an accredited business of the Better Business Bureau
, and operates its website using the verified by Verisign
seal.
On March 25, 2010, Xoom closed an F-series round of financing for $33 million.
of 79 remittance service providers as having the "highest consumer satisfaction ratings in transparency of the fee, transparency of the foreign exchange, and value". In March 2011, Xoom was listed in the Wall Street Journal's annual "Next Big Thing List" list of the 50 most promising venture backed companies.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. The company was founded in 2001 and is backed by the venture firms Sequoia Capital
Sequoia Capital
Sequoia Capital is a Californian venture capital firm located on Sand Hill Road in Menlo Park, California. The Wall Street Journal has called Sequoia Capital "one of the highest-caliber venture firms", and noted that it is "one of Silicon Valley's most influential venture-capital firms"...
, New Enterprise Associates
New Enterprise Associates
New Enterprise Associates is a global investment firm focused on venture capital and growth equity investments. With approximately $11 billion in committed capital, NEA is among the largest venture firms. The firm invests in three broad industry sectors: information technology, healthcare, and...
, SVB Capital, and Fidelity Ventures
Fidelity Ventures
Fidelity Ventures is the venture capital arm of Fidelity Investments. Based in Boston, Massachusetts and London, Fidelity Ventures invests in emerging technology companies in North America and Europe. Their focus is on the go-to-market stage, where companies have products and early customer...
.
Banking, Money Transfer and Retail Partners
Xoom® has agreements with the following banks, money transfer companies and retailers to facilitate bank deposits, cash pickup, and home delivery of money transfers to the following countries and regions:Asia
- India: Punjab National BankPunjab National BankPunjab National Bank , was founded in 1894 and is currently the second largest state-owned commercial bank in India ahead of Bank of Baroda with about 5000 branches across 764 cities. It serves over 37 million customers. The bank has been ranked 248th biggest bank in the world by the Bankers...
- Philippines: Banco de Oro Universal BankBanco de Oro Universal BankBanco de Oro Universal Bank , commonly known as Banco de Oro and BDO, is a major bank in the Philippines. It is owned by the SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls...
, Bank of the Philippine IslandsBank of the Philippine IslandsBank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
, Cebuana Lhullier, Globe GCASH, a subsidiary of Globe TelecomGlobe TelecomGlobe Telecom , commonly known as Globe, is a telecommunications company in the Philippines. Globe provides mobile, fixed line, and broadband Internet services.- History :In 1928, Congress passed Act No...
, MLhullier, Inc., Metrobank, and Philippine National BankPhilippine National BankThe Philippine National Bank is one of the largest banks in the Philippines, ranking fourth in terms of assets...
Latin America & Caribbean
- Brazil: Banco ItaúBanco ItaúItaú Unibanco is a publicly quoted bank with headquarters in São Paulo, Brazil. The bank is the result of the merger of Banco Itaú and Unibanco, which occurred on November 4, 2008 to form Itaú Unibanco Holding S.A, the largest financial conglomerate in the Southern Hemisphere and is the 10th...
- Dominican Republic: Banco BHD and Caribe Express
- Chile: Afex
- Colombia: BancolombiaBancolombiaBancolombia is the largest commercial bank in Colombia and one of the largest in Latin America. The bank is headquartered in Medellín, the second largest city in Colombia and was founded in 1945....
and Macrofinanciera - Jamaica: Victoria Mutual Building Society and Capital & Credit Remittance, Ltd.
- Latin America (Multiple countries): Bancomer Transfer Services, Inc.’s (BTS)
- Mexico: BBVA Bancomer, Banamex, BanorteBanorteBanorte is a major bank in Mexico, based in Monterrey. Banorte is ranked in the 84th place out of 100 in the 2007 Great Place to Work List for Mexico.-History:...
, SorianaSorianaOrganización Soriana is a Mexican public company and Mexico's largest retailer. Soriana is a grocery and department store retail chain headquartered in Monterrey, Nuevo León, Mexico. The company is 100% capitalized in Mexico and is publicly traded on the Mexican stock exchange the Bolsa Mexicana...
, and Santander Group - Peru: InterbankInterbankInterbank is a Peruvian provider of financial services.-History:In 1897, Elias Mujica opened an agency at Jiron de la Union in Lima's historical center under the name of Banco Internacional...
and ScotiabankScotiabankThe Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
United Kingdom
- Barclays
Money Transfer Services & Countries Served
With the Xoom bank deposit service, consumers can send money directly to bank accounts in ArgentinaArgentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, Bolivia
Bolivia
Bolivia officially known as Plurinational State of Bolivia , is a landlocked country in central South America. It is the poorest country in South America...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
, Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, Costa Rica
Costa Rica
Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
, the Dominican Republic
Dominican Republic
The Dominican Republic is a nation on the island of La Hispaniola, part of the Greater Antilles archipelago in the Caribbean region. The western third of the island is occupied by the nation of Haiti, making Hispaniola one of two Caribbean islands that are shared by two countries...
, Ecuador
Ecuador
Ecuador , officially the Republic of Ecuador is a representative democratic republic in South America, bordered by Colombia on the north, Peru on the east and south, and by the Pacific Ocean to the west. It is one of only two countries in South America, along with Chile, that do not have a border...
, El Salvador
El Salvador
El Salvador or simply Salvador is the smallest and the most densely populated country in Central America. The country's capital city and largest city is San Salvador; Santa Ana and San Miguel are also important cultural and commercial centers in the country and in all of Central America...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Guatemala
Guatemala
Guatemala is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras and El Salvador to the southeast...
, Honduras
Honduras
Honduras is a republic in Central America. It was previously known as Spanish Honduras to differentiate it from British Honduras, which became the modern-day state of Belize...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Ireland
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Nicaragua
Nicaragua
Nicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean...
, Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
, Peru
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
, the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...
.
The company also offers cash pickup service to the following countries (number of locations): Argentina (314), Bolivia (333), Brazil (3,798), Chile, (172), Colombia (981), Costa Rica (87), Dominican Republic (333), Ecuador (577), El Salvador (639), Guatemala (1,435), Honduras (628), Jamaica (104), Mexico (13,693), Nicaragua (159), Panama (42), Peru (1,073), Philippines (9,114), and Uruguay (279).
Home delivery services are offered to the Dominican Republic and to the Philippines.
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.
Third Party Certifications
Xoom is certified by TRUSTeTRUSTe
TRUSTe is a company based in San Francisco, California, best known for its online privacy seals. TRUSTe operates the world’s largest privacy seal program, certifying more than 3,500 websites, including leading online portals and brands like Yahoo, Facebook, Microsoft, Apple Inc., IBM, Oracle...
as a licensee of the TRUSTe® Privacy Seal Program, is an accredited business of the Better Business Bureau
Better Business Bureau
The Better Business Bureau , founded in 1912, is a corporation consisting of several private business franchises of local BBB organizations based in the United States and Canada, which work through their parent corporation, the Council of Better Business Bureaus .The Better Business Bureau, through...
, and operates its website using the verified by Verisign
VeriSign
Verisign, Inc. is an American company based in Dulles, Virginia that operates a diverse array of network infrastructure, including two of the Internet's thirteen root nameservers, the authoritative registry for the .com, .net, and .name generic top-level domains and the .cc and .tv country-code...
seal.
Venture Funding Rounds
On September 28,2007, Xoom closed a first E-series round of financing for $20 million.On March 25, 2010, Xoom closed an F-series round of financing for $33 million.
Industry Reviews
In June 2010, Xoom was cited in a study by the Inter-American DialogueInter-American Dialogue
The Inter-American Dialogue is a U.S. based think tank for policy analysis, exchange, and communication on issues in Western Hemisphere affairs...
of 79 remittance service providers as having the "highest consumer satisfaction ratings in transparency of the fee, transparency of the foreign exchange, and value". In March 2011, Xoom was listed in the Wall Street Journal's annual "Next Big Thing List" list of the 50 most promising venture backed companies.