NEW YORK (Reuters) - Revolution Money, an online payment firm backed by AOL co-founder Steve Case, said on Monday it has received funding of $42 million from a group that includes a Goldman Sachs (NYSE:GS - News) affiliate and earlier investors Citigroup (NYSE:C - News) and Morgan Stanley (NYSE:MS - News).
Revolution Money, part of Washington-based Revolution LLC, competes with EBay Inc's (NasdaqGS:EBAY - News) PayPal service in peer to peer money transfers, and offers a credit card.
Ebay announced earlier in the day, by end-2009 it would lay off 2,500 workers, that is a total cut of 20% of its global workforce. No reasons were given, an eBay spokesperson declined to comment.
eBay is totally overvalued,
the shares should be at around $5 right now, the following blog should help understand why: