Deal done – PayPal has completed its acquisition of Xoom. With Xoom, PayPal has access to 1.5 million active U.S. customers that sent approximately $7.1 billion in the 12 months ending on September 30, 2015 to people in 40 countries such as Mexico, India, the Philippines, China and Brazil.
Xoom will operate as a separate service within PayPal under the continued leadership of John Kunze, who has joined PayPal’s executive staff and will report to PayPal CEO Dan Schulman.
Beyond its global reach, Xoom has a loyal, mobile-savvy customer base, with 97 percent of its payment volume coming from repeat users and 60 percent of its active users on mobile.
By combining PayPal’s global scale with Xoom’s capabilities, the companies plan to create simpler, more secure and faster ways for more people to send and access their money. Through this acquisition, Xoom will help accelerate PayPal’s entrance into the international remittances market, while PayPal will help expand Xoom’s services to more people in more places around the globe.
PayPal is a global payments platform that is available to people in 203 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 57 currencies and hold balances in their PayPal accounts in 26 currencies.
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