IPO Xoom (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. 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. 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.
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