Home Revolution Money to Take on PayPal, the World

Revolution Money to Take on PayPal, the World

A large group of very heavy hitters, chaired by former AOL man Ted Leonsis, has launched a new financial services company called Revolution Money. The company will charge transaction fees it says are as low as 25% of the industry average and will allow those transfers to be carried out through existing Points of Sale, an anonymous PIN protected credit card and a variety of online methods, including social networking sites and AOL’s AIM instant messenger. Here’s the release on Leonsis’s blog.

The team at Revolution Money is staggering. The Board includes Lawrence Summers, former U.S. Treasury Secretary; Russell Hogg, former President and CEO of MasterCard International, Inc.; Franklin Raines, former CEO of Fannie Mae and former director of the Office of Management and Budget; David Pottruck, former CEO of Charles Schwab and David Golden, CFO of Revolution LLC and former Vice Chairman of JPMorgan. The company recently announced a $50 million Series B round of funding from Citi, Morgan Stanley, Deutsche Bank and others.

Will you start seeing Revolution Money as a payment option online and off this fall? You probably will. This company could have the financial smarts to succeed where Google Checkout has failed and prove a viable challenger to PayPal, at the very least.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.