Money transfer startup Xoom raises USD25m

Money transfer firm Xoom, which allows users to make payments and exchange cash via credit and debit cards across 30 different countries, has secured USD25m in Series B funding. The cash comes from investors in the company’s 33.25m Series A round, which closed in February last year, including Sequoia Capital, DAG Ventures, Fidelity Ventures and New Enterprise Associates (NEA).

Xoom is currently attempting to move into the lucrative mobile payments space, and has recently launched a mobile version of its website for smartphones and tablets. CEO John Kunze tells VentureBeat that the mobile portal already accounts for a third of the company’s sign-ups in Mexico, a key emerging market for international money transfer services.

Related reading

Leave a comment