American Express buys payments company

 @ibtimes
on November 18 2009 9:44 AM

NEW YORK - American Express Co agreed to acquire Internet-based payment platform Revolution Money for $300 million, the credit card company and network said on Wednesday.

Revolution Money, launched by AOL co-founder Steve Case's Revolution LLC 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 United States.

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 CEO 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 opened to bolt-on acquisitions worth less than $1 billion. (Reporting by Juan Lagorio; editing by John Wallace)

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