Steve Case Launches Revolution Money

Former AOL chairman Steve Case is at it again, this time using his Revolution LLC investment firm to start a new credit card company he's calling Revolution Money.

Revolution Money will allow merchants to use Internet technology to circumvent traditional fees of 1.9 percent that credit card networks charge, sources said late Sunday. He's calling his credit card the Revolution Card, and it also will allow money transfers between consumers, similar to PayPal.

The new company will have some well known names on its board. AOL vice chairman emeritus Ted Leonsis will chair the new company, said the sources, who spoke on the condition of anonymity because they had not been authorized to talk about the venture.

The board also will include former Treasury Secretary Lawrence Summers, former Mastercard CEO Russell Hogg, and former Charles Schwab chief executive David Potruck, the company plans to announce Monday.

Revolution LLC, will be the controlling shareholder of Revolution Money, which will be based in Tampa, Fla. Since he left AOL, Case has started up companies in the health and resorts industries and bought a car-sharing service.

--Thomas Heath

By Dan Beyers  |  September 23, 2007; 11:43 PM ET
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This is good. Atleast we can see some competative edge here. But what if Visa/Mastercard ..Etc reduces their transaction fee?

Posted by: Subash | September 24, 2007 2:09 PM

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