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Dwolla Raises $9.7 Million in Round Led by CME Group

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With a new investment of $9.7 million, Dwolla’s total capital now stands at $32.5 million.

This latest investment in the real-time digital payment network was led by CME Group. The round included participation from a handful of existing investors, as well, specifically, Andreessen Horowitz, Union Square Ventures, and Village Ventures.

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Writing for the Dwolla blog, CEO and Founder Ben Milne talked about how the investment will have an “immediate impact,” pointing to CME Group’s experience as “the world’s leading and most diverse derivatives marketplace. This has led to some interesting speculation on next steps and potential future deployments of Dwolla’s technology.
Recently in the news announcing the official launch of MassPay, Dwolla also was featured in an American Banker column on payment technology and wearables like Google Glass. In June, Dwolla released its Direct service to allow users to send money without requiring fully registered Dwolla accounts. The month before, the company launched Next Day Transfers, its new small business service offering that provides faster deposits (three times faster than ACH), and next-day bank withdrawals.
Founded in 2008 and headquartered in Des Moines, Iowa, Dwolla demoed its FiSync solution at FinovateSpring 2012 in San Francisco.