The tech news site The Information says that PayPal has hired Goldman Sachs to help it look into a possible sale of its international money transfer business Xoom.
A source told The Information that PayPal has been working on a way to sell Zoom, which it bought for almost a billion dollars in 2015. This has been going on for a few months.
The Information says that Elliott Management, an active investor that bought a piece of PayPal in 2022, could have something to do with the possible sale.
PayPal’s most recent quarterly profit report showed that P2P total payments volume (TPV), which includes PayPal, Venmo, and Xoom, rose 2% to $91 billion and made up 26% of TPV. Cross-border TPV was 13% of TPV, which is less than the 14% it was last year.
Last year, PayPal didn’t meet its goals for sales, adjusted operating margin, and net new active users. As a result, CEO Dan Schulman had to take a big pay cut and is leaving the company this year.
