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American Express just announced that it plans to acquire Revolution Money for $300 million. The deal is still subject to regulatory approval. Revolution Money, which was founded by AOL's co-founder Steve Case, launched in 2007. The company offers a number of services, including a payment and ATM card that offers discounts at participating retailers and the Revolution Money Exchange, which enables online person-to-person money transactions. It seems reasonable to assume that American Express made this acquisition to get a foothold in the online e-payment market and to challenge eBay's PayPal.