Company:Revolution Money
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| Type | 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 | 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.
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.
References
- ↑ https://www.revolutioncard.com/WebSite/about_us.aspx[yes|permanent dead link|dead link}}]
- ↑ Clark, Emily (12 October 2007). "Revolution Money offered online payment alternative". http://newatlas.com/go/8124/.
- ↑ Manning, Margie. "St. Petersburg credit card company launches a Revolution". http://www.bizjournals.com/tampabay/stories/2007/08/20/story7.html.
- ↑ "Revolution Money Exchange". Geek-News.Net. 2008-02-10. http://geek-news.net/2008/02/revolution-money-exchange.html.
- ↑ "Small Correction". Ted's Take. 2008-02-11. http://ted.aol.com/category.php?catID=650.
- ↑ "Revolution MoneyExchange: New Person-to-Person Payment System and $25 Bonus Promotion". MyMoneyBlog. 2008-01-31. http://www.mymoneyblog.com/archives/2008/01/revolution-moneyexchange-new-person-to-person-payment-system-and-25-bonus-promotion.html.
- ↑ Graham, Jefferson. "Talkin' 'bout a Revolution in transferring money online". http://usatoday30.usatoday.com/tech/techinvestor/corporatenews/2007-11-06-ted-leonis-steve-case_N.htm.
- ↑ "You've Got Payments - AOL Founder Backs P-to-P Start-Up". American Banker. 2007-09-25. https://www.revolutionmoney.com/PressUpdates/YouveGotPayments-AOLFounderBacksP-to-PStart-Up.pdf.[yes|permanent dead link|dead link}}]
- ↑ "American Express to buy Revolution Money for $300M - Yahoo! Finance". https://finance.yahoo.com/news/American-Express-to-buy-apf-2466608827.html?x=0&sec=topStories&pos=2&asset=&ccode=.
External links
- Squires, Paula (June 1, 2008). "Steve Case searches for another iconic brand". Virginia Business. http://www.virginiabusiness.com/index.php/news/article/steve-case-searches-for-another-iconic-brand/893/.
- "Revolution Money - Formerly GratisCard". Payments News. http://www.paymentsnews.com/2007/09/revolution-mone.html.
- "Revolutionary Money: Upstart Challenges the Credit Card Industry". Portfolio.com. 2008-07-01. http://www.portfolio.com/views/blogs/the-tech-observer/2008/07/01/revolutionary-money-upstart-challenges-the-credit-card-industry.
- Burnsed, Brian (June 20, 2008). "Top News: To Save Money at the Gas Pump, Pay Cash. Filling stations are offering a 6¢-a-gallon discount for cash customers, to incentivize the use of cash, cutting back on hefty credit-card fees". BusinessWeek. http://www.businessweek.com/bwdaily/dnflash/content/jun2008/db20080619_083558.htm.
- Gonsalves, Antone (November 8, 2007). "Revolution Online Money Transfer Service Pits Itself Against PayPal. The company is marketing its new RevolutionCard credit card payment service as a more secure option to traditional credit cards from MasterCard or Visa.". InformationWeek. http://www.informationweek.com/news/internet/showArticle.jhtml?articleID=202804023.
- Cauley, Leslie (2007-09-23). "Account number, name not on this credit card". USA Today. https://www.usatoday.com/money/perfi/credit/2007-09-23-revolution-credit_N.htm.
- Manning, Margie (August 17, 2007). "St. Petersburg credit card company launches a Revolution". Tampa Bay Business Journal. http://tampabay.bizjournals.com/tampabay/stories/2007/08/20/story7.html.
- Hundley, Kris (October 27, 2007). "Get ready for credit card 2.0. The name of the St. Petersburg company sums it up, say the founders of Revolution Money.". St. Petersburg Times. http://www.sptimes.com/2007/10/27/Business/Get_ready_for_credit_.shtml.
- "AOL co-founder backs new online payment firm". The Washington Post. 2007-09-25. https://www.washingtonpost.com/wp-dyn/content/article/2007/09/25/AR2007092501899_pf.html.
- Regan, Keith (January 9, 2008). "A Host of Hot Niches on the E-Commerce VC Trail". E-Commerce Times. http://www.ecommercetimes.com/story/61104.html.
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