With Facebook and Square reigning in on the money transferring business, PayPal isn’t resting on its laurels.
The company today dropped $890 million on Xoom, a payment transfer service similar to the already PayPal-owned Venmo.
PayPal says the acquisition will allow it broaden its services by cross-selling to Xoom’s 68 million active users, and expand its presence in Xoom’s 37 countries – Mexico, India, the Philippines, China and Brazil in particular.
Meanwhile, Xoom also gets access to PayPal’s customers. There’s no word on PayPal’s future plans for the company, but in the meantime it will continue to operate independently, much like Venmo.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
➤ PayPal to Acquire Xoom [Business Wire via Business Insider]
Read next: PayPal’s head of design on the value of good form: ‘If it’s not functional, it’s not worthwhile’
Get the TNW newsletter
Get the most important tech news in your inbox each week.