- PayPal Holdings Inc (NASDAQ:PYPL) has reportedly been considering buyers to divest money transfer service provider Xoom Corp.
- The company is working with Goldman Sachs Group, Inc. (NYSE:GS) on the sale procedure, reported The Information.
- PayPal acquired Xoom in 2015 for about $1 billion in order to enter a growing international remittance market.
- Xoom allows users to send cash to other people, pay international bills or reload a prepaid mobile phone.
- Paypal launched a new cross-border money transfer product, Debit Card Deposit, enabling Xoom customers in the U.S. to send money directly to their friends & family’s eligible Visa Inc. (NYSE:V) debit cards in 25 countries.
- The decision to sell is said to have been influenced by activist investor Elliott Management after it took a material stake in the technology platform last year.
- Also Read: If You Invested $1,000 In PayPal Stock After It Was Spun Off From eBay, Here’s How Much You’d Have Now
- Price Action: PYPL shares are trading higher by 0.39% at $61.04 on the last check Wednesday.
Prada, Gucci, Louis Vuitton Brace For Sales Slump As China’s Economic Turbulence Hits Luxury Market
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