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.
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➤ PayPal to Acquire Xoom [Business Wire via Business Insider]
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