Dwolla has raised a $6.85 million investment round, the Des Moines-based payments technology company announced Friday.*
Union Square Ventures of New York and Foundry Group of Colorado led the round. Additional investors include Iowa’s Next Level Ventures, Michigan’s Ludlow Ventures and Detroit Venture Partners, Kansas City’s Firebrand Ventures and High Alpha of Indiana.
The announcement comes a few months after firm’s said it would drop its consumer apps and focus on selling its API to developers and other companies.
Dwolla has 43 employees currently, after a restructuring last year. It plans to hire about 20 people during the next year, spokesman Jordan Lampe said in an email.
“The Midwest has a wealth of resources, but its biggest strength is its people and that’s a competitive advantage we plan on continuing to invest in,” Dwolla CEO Ben Milne said in a statement.
In total, firm has raised more than $40 million in outside investment since launching nationally in 2010, Lampe said.
Prior investors include Union Square, Andreessen Horowitz and CME Group.
Founded by CEO Ben Milne, Dwolla provides real-time payments, bank transfers, and tokenization solutions as well as The Access API which connects third-party applications to the U.S. banking infrastructure.
Dwolla, Inc. is a financial technology company that is changing the way businesses send and receive funds. The company offers a seamless, white label API platform to connect to the ACH Network to initiate payments.
Since 2010, when Dwolla began creating the ideal platform to move money, the company has helped move billions of dollars, integrated with hundreds of customers and has been mentioned in Inc., Forbes and the Wall Street Journal. Businesses that need to efficiently send or receive money and are ready for the future either use Dwolla—or they should.