Money transfer service Xoom prepares for IPO, rumours

Looking to go public

Xoom Corp, an online money transfer service, is preparing for an initial public offering, Reuters has reported.  It appears that the San Francisco-based company is hoping to take advantage of a new US law which makes it easier for startups to go public. Xoom has hired Goldman Sachs Group Inc as its lead underwriter and has already filed confidentially with the US Securities and Exchange Commission, sources said. One source claimed that the IPO is likely to occur in early fall, although the size of the planned offering and financials of the company have not been disclosed. Xoom allows users to send money from its website to friends and family without the need for a bank account. Founded in 2001, the company competes with services such as Western Union Co.

Xoom has declined to comment and Goldman Sachs could not be reached for comment.

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