Dwolla will power P2P money transfers on the SEQR platform designed by Swedish payment processor, Seamless. The service will launch in North America in the first quarter of 2016.
Seamless CEO Peter Fredell said that the agreement with Dwolla is part of a larger effort to expand within the United States. “Money transfers between private individuals is a very popular service in the U.S.,” Fredell said. “With Dwolla, we can quickly offer SEQR’s U.S. customers a peer-to-peer service which is something our customers in Europe already make great use of.” He added that the deal will also help Seamless offer P2P services in the States before its own money-transmitter licenses are approved.
Pictured left to right and demonstrating FiSync at Finovate Spring 2015: Chad Ballard, director, mobility and new digital business technology for BBVA Compass; Jordan Lampe, Dwolla director of communications and policy affairs. SEQR is a mobile wallet service that uses QR codes and NFC to enable payments in-store, online, and in-app. The technology is used by more than 5,000 merchants in 11 countries in Europe and the United States and won the “Mobile Money Deployment in Europe” award at the Mobile Money and Digital Payments Summit in Dubai in 2013. Swedish payment-processor Seamless was founded in 2001 and handles more than 3 billion transactions a year through 575,000 active sales outlets in 35 countries.
Last month, Dwolla partnered with the Chicago Mercantile Exchange, bringing its real-time payments technology to the clearing process and replacing both ACH and wire transfers. In September, Dwolla launched its white-label service, and this spring, began providing real-time transfer services for fellow Finovate alum, BBVA.
Founded in May 2008 and headquartered in Des Moines, Iowa, Dwolla demonstrated FiSync at FinovateSpring 2015. The company has raised more than $32 million in funding. Ben Milne is CEO.
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