SAN FRANCISCO, Calif. - December 15, 2003 - Xoom Corporation announced today that it is expanding its instant online-to-offline money transfer service to Sri Lanka, along with its local market distribution partner, Instant Cash -- a subsidiary of India's conglomerate, The Patel Group.
Non-Residents of Sri Lanka 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 Instant Cash's partner, National Savings Bank.
"We are very excited to be able to offer our service to the global Sri Lankan community," said Kevin Hartz, co-founder and CEO of Xoom. "This will give those from Sri Lanka 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 Sri Lanka, as well as Hong Kong, Nepal, Pakistan, and the Philippines."
Sri Lanka is part of Xoom's long-term strategy to increase its presence worldwide. The company currently has service to India, the Dominican Republic and Jamaica. 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.