SAN FRANCISCO, Calif. - December 16, 2003 - Xoom Corporation announced today that it is expanding its instant online-to-offline money transfer service to Bangladesh, along with its local market distribution partner, Instant Cash -- a subsidiary of India's conglomerate, The Patel Group.
Non-Residents of Bangladesh worldwide will now be able to send money home instantly and securely via www.xoom.com. The cash will be available immediately, through a wide distribution network available to recipients through all Instant Cash locations.
"We are very excited to be able to offer our service to the global Bangladesh community," said Kevin Hartz, co-founder and CEO of Xoom. "This will give those from Bangladesh living abroad a more convenient and secure way to send money home."
"We are pleased to strengthen our partnership with Xoom," said Praveen Chandiramani, Chief Operating Officer of Patel Group's Instant Cash. "Based on our initial success in India, this is a great opportunity to offer this service through our network in Bangladesh, as well as Hong Kong, Nepal, Pakistan, the Philippines, and Sri Lanka."
Bangladesh is part of Xoom's long-term strategy to increase its presence worldwide. The company currently has service to Hong Kong, India, Jamaica, the Dominican Republic, Nepal, Pakistan, Philippines, and Sri Lanka. Service to more Latin American and additional Asia markets are planned in 2004.
Xoom Corporation is an online-to-offline international money transfer service. Xoom offers a secure, fast, and inexpensive means to send money online-to-offline recipients in eight countries, including: Dominican Republic, Jamaica, India, Hong Kong, Nepal, Pakistan, Philippines, and Sri Lanka. All transactions are processed securely through PayPal, an eBay company.
About Instant Cash
Instant Cash, a global remittance company held by the US$ 2+ billion Patel Group, is headquartered in Dubai and has over 2000 retail outlets worldwide.