Revolution Money Secures $42 Million in Series C Funding

“In one of the toughest funding environments in history, this investment is a big endorsement of Revolution Money’s business model,” said Jason Hogg, founder and CEO of Revolution Money. “As merchants and consumers search for savings at every turn, Revolution Money is seen as a welcome alternative to the traditional high-cost credit card companies and PayPal.”

Revolution Money will use this funding to continue developing the core technology behind its popular and innovative products. Today’s funding follows a Series B investment round of $50 million led by Citigroup Inc., Morgan Stanley and Deutsche Bank in September 2007.

The Internet-based, proprietary RevolutionCard Network today supports the following products:

• RevolutionCard – a general-use credit card that charges no interchange fees and only a half-percent processing fee per transaction to accept – up to an 80 percent savings over other credit card offerings. Merchants turn some of these savings into customer loyalty and cash-back programs. The PIN-based card also offers the best identity theft available, as the card itself bears no personal information about the cardholder. Today, RevolutionCard is accepted at more than 650,000 merchant locations and 85 percent of all ATMs throughout the U.S. Consumers can apply for a RevolutionCard at www.RevolutionCard.com.
• Revolution MoneyExchange – With more than 400,000 current users, Revolution MoneyExchange is a free online P2P payments service that enables users to exchange money for free. Consumers can start transferring money to friends, family, or merchants online by registering at www.RevolutionMoneyExchange.com. Users can also access their online funds at all merchants and ATMs on the RevolutionCard Network.

Many of the country’s favorite retailers and their customers are benefiting from the RevolutionCard today. For example, cardholders can save 3 cents per gallon at the nearly 1,000 Murphy USA® and Murphy Express gas stations typically located in the Wal-Mart Supercenter parking areas across 20 states. RevolutionCard today is accepted by Barnes & Noble, Bed Bath & Beyond, Bloomingdale's, Buy.com, CVS, KOHL's, Macy's, Marshalls, Walgreen's, Nordstrom, Office Depot, Office Max, T.J. Maxx, Whole Foods and thousands of other retail locations.