Shy of $1 Billion PayPal Buys International Money Transfer Company

PayPal is ready to make some new friends.
PayPal has reached an agreement to buy money transfer company Xoom for $890 million.
Xoom recently expanded into China and Pakistan, and is popular in a variety of developing markets — an advantage that PayPal President Dan Schulman highlighted.
Xoom bills itself as "an international money transfer service" that allows people to send money across borders.