American Express acquires Revolution Money online payment system

 American Express Co is purchasing online payment system Revolution Money for $300 million, the credit card company and network reported today. The transaction is scheduled to be closed in the first quarter of 2010. The deal is subject to regulatory review.

Jason Hogg, founder and chief executive officer of Revolution Money, will continue as president and CEO of the company.

"While Revolution Money is a young and relatively small company, we believe it has big potential," American Express CEO Kenneth Chenault said in a statement. "This is a smart, nimble business."

Revolution Money will operate as a subsidiary of American Express and will be the first component of its Enterprise Growth organization, a group recently formed to enhance the company's capabilities to generate fee revenue and drive it into new payment areas.