revolution money

revolution money

Fifth Third Bank has joined the Revolution Money network as an issuing bank.
The move is expected to expand adoption of RevolutionCard, a credit card offered by Revolution Money, an alternative payments company based in St. Petersburg. The company is a subsidiary of Revolution LLC, a Washington-based firm launched in 2005 by Steve Case, co-founder of America Online.
The combination of Fifth Third Bank’s card-issuing capabilities with Revolution Money’s marketing and customers servicing and communication capabilities will provide a “robust platform” for expansion, a release said.
It’s the largest opportunity to date to grow the Revolution Card business, Jason Hogg, founder and chief executive of Revolution Money, said in the release.
Joining the Revolution Money network gives Fifth Third a new card distribution channel to supplement its existing channels, Jon Groch, the bank’s director of bankcard services, said in the release.
Revolution Money has been issuing cards through First Bank and Trust in Brookings, S.D., part of Fishback Financial Corp.
Revolution Money also has “merchant acquiring” relationships with several companies. Merchant acquirers provide services that allow merchants to accept customers’ payment cards at the point of sale. One of Revolution Money’s merchant acquirers was Fifth Third Bancorp (NASDAQ: FITB), which earlier this year sold majority control of its merchant acquiring and financial institutions business to Advent International, creating a company called Fifth Third Processing Solutions LLC.