Revolution Money is an online payment company owned by AOL co-founder Steve Case. Back in 2007, Revolution Money secured $50 million from the likes of Citigroup, Morgan Stanley, Deutsche Bank, and others (Case is the largest shareholder according to WSJ).
Now the company has secured an additional $42 million from Goldman Sachs, Morgan Stanley, and others who have previously invested.
"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."
Essentially, Revolution Money is PayPal meets major credit card, only with lower fees for everyone. Merchants are charged less to accept their cards than Visa or Mastercard, and users can transfer payments through the online system for free unlike the industry's big boy, PayPal.
The RevolutionCard is a general-use credit card that is accepted at over 650,000 locations, and 85% of ATMS around the US. Some places that accept the card include: 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, and Whole Foods.
The Revolution MoneyExchange (the PayPal-like part) currently has over 400,000 users. It's a free online P2P payments service that enables users to exchange money for free. Users can access their online funds at all merchants and ATMs on the RevolutionCard Network.
The new funding will be used for the continued development of the company's core technology. That's as specific as the company gets.
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