One of the latest ventures by former Hawai'i resident Steve Case is getting $42 million in funding from a Goldman Sachs affiliate and several former financial executives.

Revolution Money, a company launched in 2007 by Case's Revolution LLC, said it will use the funding to continue developing its two products, a credit card that charges no interchange fees and boasts enhanced security, and an online person-to-person payment service that is a way to send and receive money for free.

"In one of the toughest funding environments in history, this investment is a big endorsement of Revolution Money's business model," said Jason Hogg, chief executive officer and a founder of Revolution Money, in a press statement. He said the company's products are seen as a welcome alternative to traditional high-cost credit card companies and the PayPal online payment system.