Revolution Money

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Revolution Money Inc.
Private
Industry Financial Services
Founded April 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 Revolution LLC
Website www.revolutionmoney.com

Revolution Money is a financial services company based in St. Petersburg, Florida.[1] The company's 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 only credit card that does not charge retailers interchange fees.[2] The company partnered with Yahoo! Sports and Fifth Third Bank.

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

Background[edit]

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 is 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.

References[edit]

  1. ^ https://www.revolutioncard.com/WebSite/about_us.aspx
  2. ^ Clark, Emily. "Revolution Money offers 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. 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. ^ https://finance.yahoo.com/news/American-Express-to-buy-apf-2466608827.html?x=0&sec=topStories&pos=2&asset=&ccode=