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elgato
Joined: 24 Feb 2005
Posts: 16923
Location: Texas
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| Posted: Mon Apr 06, 2009 11:42 am Post subject: Online Payment Service Revolution Money Raises $42 Million |
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Steve Case's Revolution Money payment service received $42 million to add to the $50 million raised in 2007. When it launched, the company said it wanted to become for social networks what PayPal was for eBay, and it later launched a plug-in for AIM that lets AOL users instant message money to their "Buddy list." But it soon became clear Revolution Money competed with PayPal as well as with credit card services.
Revolution MoneyExchange is a free service for instantly sending money between accountholders. The company uses the free person-to-person service as a customer acquisition tool for its RevolutionCard credit card service, which offers lower merchant fees and gives rewards to consumers.
In September 2008, there were 4,100 listings on Etsy and 2,800 sellers on eBay who accepted Revolution MoneyExchange.
The company recently entered into a deal with Chase Paymentech, a leading merchant acquirer and payment processor. Revolution Money said it was accepted at nearly 300,000 merchants and was on track for 1 million by year-end.
more.. link to news article |
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psunite
Joined: 27 Jan 2005
Posts: 6206
Location: Columbus OH
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| Posted: Tue Apr 07, 2009 2:01 am Post subject: Steve Case's PayPal Rival Raises $42 Million (EBAY) |
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Steve Case likes to go big with his ventures. Big funding. Names with the word "revolution" in the title. And lots of high-profile advisers.
But his online health venture, Revolution Health, failed to revolutionize much, ending up in a merger with Waterfront Media.
Maybe his attempt to reform the payment industry, Revolution Money, will fare better. The company says its raised a fresh $42 million round from Goldman Sachs, Morgan Stanley and other past investors. It last raised $50 million in late 2007.
more.. link to news article |
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HowardH
Joined: 26 Jan 2006
Posts: 159
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| Posted: Tue Apr 07, 2009 10:01 pm Post subject: |
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Anybody here actually use Revolution Money? If so, what do you think of it?
It sounds intriguing, but I already feel nervous about PayPal having access to my bank account -- which is why I keep my PayPal account "double-swept". I regularly sweep my PayPal account into the connected bank account, and then I sweep that account into one that PayPal can't access. I keep only enough money in PayPal and the connected account to take care of my immediate requirements, to minimize the damage they can inflict on me.
So, what's your opinion? RM better or worse, more or less trustworthy, more or less dependable? |
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CuFF
Joined: 13 Dec 2005
Posts: 2336
Location: AsilisArt@Bonanzle
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| Posted: Tue Apr 07, 2009 11:19 pm Post subject: |
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| I've used it as a Buyer, and transferred money to my bank account with no problems. |
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2BOYSandTOYS
Joined: 14 Mar 2005
Posts: 10095
Location: Kansas
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| Posted: Tue Apr 07, 2009 11:53 pm Post subject: Re: Steve Case's PayPal Rival Raises $42 Million (EBAY) |
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I've used RME as both a buyer and a seller. It works well enough - but there is no invoice process/form so that function is rather primitive.
I do enjoy using it to collect softball fees tho - it's FREE and it works great for that.
The time it takes to transfer money from bank to readiness seems a bit long - my hope is that it continues to develop into a full functioning competitor (accepts CC too).
Support has been good hen I've had questions/issues! |
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