Xoom, the money transfer company, recently scored a $25 million round from Sequoia, according to a File D filed with the SEC. Keith Rabois, CEO of the payments service Square, also participated in the round.
Xoom enables users from 30 different countries to transfer money with each other without the need of a bank account. Users instead use a credit or debit card, as well as bank account transfers. The company charges fees according to the country and the size of the transaction.
This latest round of funding backs up a $33 million round close in March of 2010, which included investors from DAG ventures, Fidelity Ventures, and New Enterprise Associates.
The company’s competition includes Western Union and Skrill. Xoom claims to be the world’s fastest growing online money transfer service.
This past November, Xoom launched an online international money transfer service through Wallmart.com, which allows money to be picked up in cash or deposited into bank accounts. It also initiated a service that allows money transfers to any UK bank account in less than an hour.