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PayPal acquires payment transfer service Xoom for $890 million

Online payments company PayPal has agreed to acquire San Francisco-based payments transfer service Xoom for $890 million, in an all-cash deal. The deal is expected to be completed in the fourth quarter of 2015, and will provide PayPal access to Xoom's 1.3 million active customer base in United States, who the company claims remitted $7 billion in the 12 month period ending on March 31, 2015. Post acquisition, Xoom's about 300 employees and its CEO John Kunze are expected to join PayPal. Excited to announce that @PayPal has agreed to acquire @Xoom to make international remittances better for people http://t.co/UfxWLloQ2L — PayPal (@PayPal) July 1, 2015 PayPal's in-coming CEO Dan Schulman said that acquiring Xoom will allow them to offer more services to their global customer base and help accelerate their expansion in key international markets, including Mexico, India, the Philippines, China and Brazil. Most of PayPal's transactions are commercial payments, this acquisition will allow it to tap into a completely new set of customers. Founded in 2001, Xoom offers online and mobile based international remittances services to 37 countries, and charges between $5 to $10 depending on the size of the exchange. It also makes a sizable amount by keeping the difference in exchange rates. Xoom users can also pay bills or recharge mobile phones on behalf of their friends or family through the service. The company registered sales worth $159 million in 2014, up 30% from 2013. It however, reported losses of $26.3 million in 2014. This is…

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