Type Private Products Payment systems | Industry Financial Services Parent organization Revolution LLC | |
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Key people Jason J. Hogg Founder & CEO
Dax Cummings COO
Stephanie Fierman CMO
Nick Johns General Counsel
Darren Thompson CFO Website www.revolutionmoney.com Headquarters St. Petersburg, Florida, United States Founded 2007, St. Petersburg, Florida, United States Motto Currency for the 21st Century Founders Patrick Graf, Jason J. Hogg | ||
Revolution Money is a financial services company based in St. Petersburg, Florida. 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. 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.
Background
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. Ted Leonsis and Steve Case were on its board of directors.
Revolution MoneyExchange was backed by Citi, Morgan Stanley, and Deutsche Bank AG, as well as its parent company, Revolution LLC. 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.
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.
On November 18, 2009, American Express announced that it would acquire Revolution Money for 500 million USD and finally did for 300 million USD. 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.