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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.
 | |
| Company 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 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]
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.