Revolution Money

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

Revolution Money is a financial services company whose products include a PIN-based credit card, online person-to-person payments service with a linked stored value card, and gift card. Revolution Money is the newest payment brand in the United States, and is the only credit card that does not charge retailers interchange fees.

Revolution Money is based in St. Petersburg, Florida.[1]

Revolution Money has three products: RevolutionCard, Revolution MoneyExchange and RevolutionGift. RevolutionCard is a credit card. Revolution MoneyExchange provides free online money transfers between members and the card linked to the account can be used at retailers and ATMs. Revolution MoneyExchange accounts are issued by First Bank and Trust.

On November 18, 2009, American Express announced that it would acquire Revolution Money for 500 million USD and finally did for 300 million USD.[2]

Products[edit]

RevolutionCard[edit]

RevolutionCard is a PIN-based credit card. The card itself has no name, signature, or account number, so if lost or stolen it could not be used unless the PIN was known. In the mid-2000s, 150,000 merchants accepted RevolutionCard. The company projected that 1 million locations would accept it by the end of 2008, but this milestone was not reached.

Consumers receive a credit approval decision instantly when applying for the RevolutionCard. RevolutionCard works with multiple banks to providing a broad spectrum of interest rates for card applicants. RevolutionCard charges merchants a 0.50% transaction processing fee and no interchange fee. Revolution Money then helps retailers turn some of their savings into rewards or discounts for consumers. RevolutionCard’s network is built on a rules-based, proprietary technology using the Internet as the backbone for transactions.

Revolution MoneyExchange[edit]

Revolution MoneyExchange was an online bank that billed itself as an alternative to PayPal and its chief competitor, Google Checkout. It was founded as GratisCard in April 2007.[3] Ted Leonsis and Steve Case were on its board of directors.[4]

Revolution MoneyExchange was backed by Citi, Morgan Stanley, and Deutsche Bank AG, as well as its parent company, Revolution LLC.[5] 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.

Other features included the capacity to send money via AOL Instant Messenger.[6]

Revolution MoneyExchange was purchased by American Express in January 2010 and renamed Serve Virtual Enterprises, Inc. Serve Enterprises then launched Serve and discontinued Revolution MoneyExchange on March 28, 2011.

RevolutionGift[edit]

RevolutionGift is a prepaid PIN-based gift card. Like the RevolutionCard, there is no account number printed on the card. RevolutionGift card must be activated before use.

Partners[edit]

References[edit]