The story
Founded by Kevin Hartz in 2001.1
Founding and early development
Xoom was founded in 2001 by software developer Alan Braverman and entrepreneur Kevin Hartz, with its headquarters in San Francisco, California. The company initially focused on money transfers to Latin America before expanding to additional corridors in Asia and Europe.
In June 2010, Xoom was included in a study by the Inter-American Dialogue of 79 remittance service providers, which evaluated consumer satisfaction. In March 2011, and September 2012, Xoom was included in The Wall Street Journal's annual "Next Big Thing List" list, which highlights venture-backed companies identified by the publication as notable emerging businesses. In October 2012, a follow-up survey by the Inter-American Dialogue of 51 remittance service providers in the U.S. to Latin America market ranked Xoom among the top providers evaluated for fees and geographic reach.
Initial public offering
Xoom went public on February 15, 2013, pricing its IPO at $16 per share, above the projected offering range. The company traded on the NASDAQ under the ticker symbol XOOM.
Acquisition by PayPal
In July 2015, PayPal announced its intention to acquire Xoom Corporation. The transaction was completed in November 2015 for $25 per share, valuing the acquisition at approximately $1.09 billion. Following the acquisition, Xoom operated as a subsidiary of PayPal and was rebranded as Xoom, A PayPal Service.
From Wikipedia’s article on Xoom (money transfer service), shared under CC BY-SA 4.0.6