Julian King on PayPal Buying Xoom: “We Plan to Innovate and Bring Improvements to our Products Faster”
Online payments service PayPal recently acquired money transfer company Xoom, for US $890 million.The acquisition is aimed at expanding its digital payments business before splitting from parent, eBay. Portada talked with Julian King, Sr. VP Marketing & Corporate Development at Xoom (photo), about the acquisition and its implications for Xoom's substantial Hispanic customer base and Hispanic marketing.
Portada: How do you see Paypals Acquisition of Xoom impacting the way Xoom operates in the Spanish and Portuguese speaking world?
Julian King: "We believe the transaction will bring tremendous benefits to Xoom, including access to PayPal’s massive global network and their installed base of 68 million active customers in the United States. With this, Xoom hopes to be able to efficiently grow its global footprint faster and with less execution risk and accelerate active customer growth through greater penetration of current markets and horizontal expansion into new markets."
Portada: Will Xoom be integrated into the Paypal brand or remain independent?
Julian King: "Xoom will operate as a separate service within PayPal, and you can expect business as usual."
Portada: How will the acquisition impact Paypal’s and Xoom’s marketing towards the U.S. Hispanic population?
Julian King: "We are pleased with the benefits and opportunities that will come from being part of a larger, global organization, expanding our ability to deliver the best possible experience for our customer. In the future, however, with the added benefit of having access to the resources and support of an industry-leading company like PayPal, we plan to innovate and bring feature improvements to our products faster."