American Express Co. said Friday that it had completed its purchase of the alternative payments company Revolution Money Inc.
The credit card company, which announced the deal in November, paid about $300 million in cash for Revolution. Jason Hogg, its founder and chief executive, "will continue to lead the Revolution Money business," Amex reiterated in a press release Friday.
Revolution Money was started two years ago, with the backing of AOL co-founder Steve Case, as an alternative payments network that includes an online person-to-person money transfer service and a credit card.
Amex said in November that the company will become the first part of its new "enterprise growth" group, which is focused on emerging payments.