Revolution Money
 | |
| Private | |
| Industry | Financial Services |
| Founded | 2007 |
| Headquarters | St. Petersburg, Florida |
Key people |
Jason J. Hogg Founder and CEO Dax Cummings COO Stephanie Fierman CMO Nick Johns General Counsel Darren Thompson CFO |
| Products | Payment systems |
| Parent | Revolution LLC |
| Slogan | Currency for the 21st Century |
| 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
RevolutionCard
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
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
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
References
- ↑ https://www.revolutioncard.com/WebSite/about_us.aspx
- ↑ http://finance.yahoo.com/news/American-Express-to-buy-apf-2466608827.html?x=0&sec=topStories&pos=2&asset=&ccode=
- ↑ "Revolution Money Exchange". Geek-News.Net. 2008-02-10. Retrieved 2008-07-15.
- ↑ "Small Correction". Ted's Take. 2008-02-11. Retrieved 2008-07-15.
- ↑ "Revolution MoneyExchange: New Person-to-Person Payment System and $25 Bonus Promotion". MyMoneyBlog. 2008-01-31. Retrieved 2008-07-15.
- ↑ "You've Got Payments - AOL Founder Backs P-to-P Start-Up" (PDF). American Banker. 2007-09-25. Retrieved 2008-07-15.
- Squires, Paula (June 1, 2008). "Steve Case searches for another iconic brand". Virginia Business. Retrieved 2008-07-22.
- Graham, Jefferson (2007-11-06). "Talkin' 'bout a Revolution in transferring money online". USA Today. Retrieved 2008-07-22.
- "Revolution Money - Formerly GratisCard". Payments News. Retrieved 2008-07-22.
- "Revolution Money offers online payment alternative". gizmag.com. October 12, 2007. Retrieved 2008-07-22.
- "Revolutionary Money: Upstart Challenges the Credit Card Industry". Portfolio.com. 2008-07-01. Retrieved 2008-07-22.
- "Revolution Money Aims for 1 Million Merchants, Cardholders by Year End". Digital Transactions. June 20, 2008. Retrieved 2008-07-22.
- 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. Retrieved 2008-07-22.
- 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. Retrieved 2008-07-22.
- "St. Pete payments firm strikes deal with Fifth Third". MSN Money. 2008-02-05. Retrieved 2008-07-22.
- Cauley, Leslie (2007-09-23). "Account number, name not on this credit card". USA Today. Retrieved 2008-07-22.
- Manning, Margie (August 17, 2007). "St. Petersburg credit card company launches a Revolution". Tampa Bay Business Journal. Retrieved 2008-07-22.
- 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. Retrieved 2008-07-22.
- "AOL co-founder backs new online payment firm". The Washington Post. 2007-09-25. Retrieved 2008-07-22.
- Regan, Keith (January 9, 2008). "A Host of Hot Niches on the E-Commerce VC Trail". E-Commerce Times. Retrieved 2008-07-22.