Revolution Money

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Revolution Money Inc.
Type Private
Industry Financial services
FoundedApril 2007
Headquarters St. Petersburg, Florida
Key people
Jason J. Hogg Founder & CEO
Dax Cummings COO
Stephanie Fierman CMO
Nick Johns General Counsel
Darren Thompson CFO
Products Payment systems
Parent American Express
Website www.revolutionmoney.com

Revolution Money was a financial services company based in St. Petersburg, Florida. [1] The company's products included a PIN based credit card, online person to person payments service, with a linked stored value card, and gift card. Revolution Money was created as the only credit card that did not charge retailers interchange fees. [2] The company partnered with Yahoo! Sports and Fifth Third Bank.

Contents

Revolution Money had three products: RevolutionCard credit card, Revolution MoneyExchange which provides free online money transfers between members, and RevolutionGift, a gift card. Revolution MoneyExchange accounts were issued by First Bank and Trust. [3]

Background

Revolution MoneyExchange was an online bank intended as an alternative to PayPal and its chief competitor, Google Checkout. It was founded as GratisCard in April 2007. [4] Ted Leonsis and Steve Case were on its board of directors. [5] Revolution MoneyExchange was backed by Citi, Morgan Stanley, and Deutsche Bank AG, as well as its parent company, Revolution LLC. [6]

There were no fees charged for online transfers between accounts. The Revolution MoneyExchange Card was a stored-value card that allowed account holders to access their funds for purchases at merchant locations on the RevolutionCard network and for cash withdrawals at ATMs nationwide. [7]

RevolutionGift was a prepaid PIN based gift card with no account number printed on the card. Other features included the capacity to send money via AOL Instant Messenger. [8]

On November 18, 2009, American Express announced that it would acquire Revolution Money for US$500 million, and finally did for US$300 million. [9] Revolution MoneyExchange was purchased by American Express in January 2010, and was renamed Serve Virtual Enterprises, Inc. Serve Enterprises then launched Serve and discontinued Revolution MoneyExchange on March 28, 2011.

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References

  1. https://www.revolutioncard.com/WebSite/about_us.aspx%5B%5D
  2. Clark, Emily (12 October 2007). "Revolution Money offered online payment alternative". Newatlas.com. Retrieved 16 January 2017.
  3. Manning, Margie. "St. Petersburg credit card company launches a Revolution". Bizjournals.com. Retrieved 16 January 2017.
  4. "Revolution Money Exchange". Geek-News.Net. 2008-02-10. Archived from the original on 2008-08-27. Retrieved 2008-07-15.
  5. "Small Correction". Ted's Take. 2008-02-11. Archived from the original on 2011-07-07. Retrieved 2008-07-15.
  6. "Revolution MoneyExchange: New Person-to-Person Payment System and $25 Bonus Promotion". MyMoneyBlog. 2008-01-31. Retrieved 2008-07-15.
  7. Graham, Jefferson. "Talkin' 'bout a Revolution in transferring money online". Usatoday.com. Retrieved 16 January 2017.
  8. "You've Got Payments - AOL Founder Backs P-to-P Start-Up" (PDF). American Banker. 2007-09-25. Retrieved 2008-07-15.[ permanent dead link ]
  9. "American Express to buy Revolution Money for $300M - Yahoo! Finance". Archived from the original on 2009-11-22. Retrieved 2017-01-17.