Deals
AmEx Will Buy Steve Case’s Revolution Money Card Firm
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American Express Co., the biggest credit-card issuer by purchases, will buy Internet-based payments network Revolution Money from America Online Inc. co-founder Steve Case’s investment firm for about $300 million.
Chief Executive Officer Kenneth Chenault is acquiring a startup that bills itself to merchants as a low-cost alternative to AmEx, Visa Inc. and MasterCard Inc. Revolution, whose backers include former American Express CEO James D. Robinson III, offers free online money transfers and PIN-based cards that assess merchants fees at a fraction of what the leading networks charge.