American Express pays $300m for online firm
American Express has agreed to acquire Internet-based payment platform Revolution Money for $300m (£179m), the credit card company said yesterday.
Revolution Money, launched by AOL co-founder Steve Case’s Revolution in 2007, provides payments through an internet platform and prepaid cards that can be used for offline payments or to withdraw cash from ATMs in the US.
The acquisition, which is subject to regulatory review, is expected to close in the first quarter of 2010.
Jason Hogg, founder and chief executive of Revolution Money, will continue as president and chief executive of the company.
Earlier this week, American Express chief financial officer Dan Henry said at the Reuters Global Finance Summit in New York that the company was open to bolt-on acquisitions worth less than around $1bn.