About Xoom (adapted from Xoom prospectus): Xoom is a pioneer and leader in the online consumer-to-consumer international money transfer industry. Customers use Xoom to send money to family and friends in 30 countries. Xoom's money transfers are initiated online or through a mobile device and can be sent at any time, from any Internet-enabled location. Recipients receive money in the manner they prefer and to which they are individually or culturally accustomed, at major banks and leading retailers.
Xoom does not pay originating agent commissions and the majority of transfers are funded directly from bank accounts, which lowers the cost of sales. Xoom has developed extensive partnerships with major banks and leading retailers who form their global disbursement network across 30 countries and deliver a high quality of service through regionally-recognized, trusted brands. Their foreign exchange revenue is derived from the difference between our cost to buy local currency and the price at which we sell the currency, referred to as our foreign exchange spread.
This description is adapted from Xoom prospectus. This description is not intended to be a recommendation to buy stock from this company. We do not claim that all of the statements above were researched and found to be true. We present them as a general description based on what the company has said about itself at the time that they submitted their prospectus for an IPO offering. To see the company's full description, view their prospectus..
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