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American Express pays $300m for online firm

American Express has agreed to acquire Internet-based payment platform Revolution Money for $300m (&pound;179m), the credit card company&nbsp; said yesterday.<br /><br />Revolution Money, launched by AOL co-founder Steve Case&rsquo;s Revolution in 2007, provides payments through an internet platform and prepaid cards that can be used for offline payments or to withdraw cash from ATMs in the US.<br /><br />The acquisition, which is subject to regulatory review, is expected to close in the first quarter of 2010.<br /><br />Jason Hogg, founder and chief executive of Revolution Money, will continue as president and chief executive of the company.<br /><br />Earlier this week, American Express chief financial officer Dan Henry said at the Reuters Global Finance Summit in New York that the company was open to bolt-on acquisitions worth less than around $1bn.