Xoom Receives A Funding Money Transfer Of $20.29 Million

Xoom LogoXoom is one of the biggest money transfer companies on the Internet today.   The $20.29 million Series E funding was sent to Xoom from Sequoia Capital, New Enterprise Associates, Fidelity Ventures, and DAG Ventures.

Xoom is based in San Francisco, Calif. and previously raised $15 million in Series D in 2006.  Cumulatively, Xoom raised over $50 million to power its business operations.

Xoom makes money transfer easy in 4 steps:
1.) Enter your contact info, recipient’s info, and the amount of money to be sent.
2.) Select a delivery method.
3.) Select a payment method (Visa/MasterCard/eCheck, Discover, Paypal).
4.) Send your recipient a tracking method.

However, due to all the third parties involved, its rather difficult to support all of the developing countries for their operations.  This is why Xoom is limited to only Argentina, Bangladesh, Bolivia, Brazil, Chile, Dominican Republic, Ecuador, Guatemala, Hong Kong, India, Jamaica, Mexico, Morocco, Nepal, Paraguay, Peru, Phillippines, Sri Lanka, Uruguay, Vietnam.  I’m assuming that with this new round of funding, Xoom will be able to expand its operations to support other countries. 

Recipients of money transfers for Xoom do not necessarily require a bank account or Internet connection to receive funds because Xoom has money transfer partners to provide ways to send money to family and friends in other countries.

Roelof Botha of Sequoia Capital, Dick Kramlich of New Enterprise Associates, Anne Mitchell of Fidelity Ventures, Keith Hartz of the founding team of Xoom, and Keith Rabois sit on the Board of Directors for Xoom.

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at

Xoom Receives A Funding Money Transfer Of $20.29 Million Comments

  1. Cesar Dominguez says:

    Greetings from Lima-Peru (South America);
    I use to list different items on eBay, however since PayPal only allows to send money and not to get paid for accounts in Peru, it’s Xoom my best choice on getting paid fast and very reliable!
    I’ve been paid by eBayers via Xoom from United States, Canada, United Kingdom, Australia and also from Latin America in the last two years without any problem, odd delays or cancelation!
    The transaction is very smooth, easy and safe for any new user of Xoom with any major credit card and also PayPal: once the payment is done, both -buyer and merchant- receive a tracking number that enables me to cash it in any InterBank and Banco Continental agent all over Peru!
    The transaction is indeed very fast; it only takes some minutes to have the ammount ready to pick up at the bank teller!
    I could also receive that money to my bank account in any of these banks: Banco Continental and Interbank!
    The bank doesn’t ask for any extra fee or commission for this transaction wich is really nice!
    I did also experience Xoom costumer service by international phone call and it was also very good!
    No long waiting and I actually talked with someone friendly -and not with a machine- who actually addressed to my concern and solve it!
    I strongly recommend Xoom.com!
    It’s a great and reliable tool for developing your small or large bussiness on line!
    I’m very happy with their service!
    Kindest Regards

    Cesar Dominguez
    A Peruvian Young Man of Honor!
    Lima, Peru (South America)
    My Homepage: http://es.geocities.com/infoperuorg

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