eCommerce - Monday, June 19, 2006
Xoom = Western Union W/Out Price Gouging
Xoom has raised $15M in Series D funding. Fidelity Ventures led the deal, and was joined by return backers Sequoia Capital, NEA and SVB Capital. Having kicked the tires, we understand why Fidelity wanted in.
Through Xoom's Web site, users can quickly send cash over-seas at a fraction of the cost of Western Union
Fees: Xoom vs. Western Union for $1000 sent
Xoom Premium: $5
Western Union: $68
Xoom also stacks up well to eChecks, which we know from experience take much longer than expected to complete the transfer - often a full week.
Xoom has built a private label remittance system where banks can use Xoom's back-end to compete with Western Union as well.
We like Xoom's target market - which is large and growing thanks to the immigrant remittance economy, in which as much as $300B in pay is sent from immigrants in the US back over-seas.
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Great model, but how about a little love for their users? They are targetting the immigrant market and yet the site, including the terms and conditions, is only in English. Get that localized into their native languages and usage will spike.
I have nothing to hide.
Posted by: Rich Baldyga at June 22, 2006 10:58 AM
Obviously you didn't kick the tires very thoroughly. Most of their prices are only slightly better than Western Union for the same level of service (1-day), and this is comparing to Western Union online, which is more expensive than Western Union offline. And I would think that quality of service is more important than pricing, so focusing on pricing is at best an extremely simplistic analysis
Posted by: John at June 23, 2006 12:12 AM
I like your website alot...its lots of fun... you have to help me out with mine... nokia6630
Posted by: pennie at July 1, 2006 11:36 AM
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