American Express Company said it agreed to acquire Web-based payments provider Revolution Money from Revolution LLC

, launched in 2007 by AOL co-founder Steve Case. The person-to-person payments provider issues cards, but authorizes transactions with PIN numbers instead of names and account numbers. Amex said it expects to close the transaction in early 2010, pay about $300 million and operate Revolution Money as a subsidiary and component in its recently formed Enterprise Growth organization. Revolution Money founder and CEO Jason Hogg would continue as president and CEO while angel investor, major shareholder and chairman Ted Leonsis would become a "special advisor to American Express" and work with Amex chairman and CEO Ken Chenault "on overall digital and online payments strategy," according to the company. Revolution Money accounts are insured by the Federal Deposit Insurance Corp. and are "ideally suited for social and instant messaging networks," Amex stated. The acquisition is subject to regulatory review.