Xoom Continues to See Growth Two Years into Acquisition
By Julian King, Xoom General Manager
November 21, 2017
This month marks the two-year anniversary of Xoom being acquired by PayPal. When we announced the acquisition, we set out to accomplish our shared goal of democratizing the management and movement of money for people globally by combining PayPal’s global scale and Xoom’s digital remittance capabilities.
We’re pleased to share that in the two years since Xoom was acquired, the service’s active users have increased by more than 30 percent and those users are more engaged. Xoom’s transactions per month are up more than 50 percent.
Xoom also continues to maintain its leadership in mobile. Today, approximately three-quarters of Xoom’s transactions are on mobile devices. Xoom also continues to see traction in its bill pay service, whose usage has doubled in the last two years.
These are incredible milestones that signify Xoom’s scale and impact. They also represent the hard work of the Xoom team over the last 16 years, as well as our growth in the last two years with PayPal. While there is a lot that we can attribute to our growth, there are a few accomplishments in particular that stand out:
- Over the past two years, we’ve expanded Xoom’s presence into nearly 30 new receive markets. Prior to the acquisition, Xoom was in 40 receive markets, and today, Xoom serves 67 markets.
- We also successfully integrated Xoom’s international money transfer services into PayPal to make it easier than ever for PayPal users to send money to loved ones outside of the U.S.
- Last year, Xoom began to allow recipients to request the sending of funds, allowing remittances to become a two-way interaction between senders and receivers.
- In August, we increased the sending limits for international money transfers to certain countries like India, Canada, Australia and the UK, allowing Xoom customers to send up to $10,000 USD for bank deposit. With that change, we offer even better exchange rates when sending higher amounts, so our customers don’t have to compromise between speed and lower exchange rates.
At Xoom, we see these milestones as much more than just transactions. Each transaction represents a life that we have collectively helped: put food on the table, school fees paid, running water and phone services enabled, medicine paid for and much more. We are all so proud to work in a business where we can impact so many lives.
As we look ahead, we’re excited by what Xoom and PayPal can achieve together, due to our shared vision of financial inclusion for all. As we shared earlier this year, there are still millions of people who can be helped by fast, affordable and reliable services to send and receive money. Together with PayPal, Xoom has been steadfast in our commitment to making international remittances faster, more affordable, and more reliable.