Steve Case's PayPal Rival Raises $42 Million

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 revolutionise 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.

How’s revolution money hoping to break into this business? It combines PayPal (EBAY) functionality along with a physical card, which it says carries lower fees than traditional payment cards.

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