Writing at the Dwolla blog, company founder and CEO Ben Milne expressed how important the goal of “building the ideal API to move money” was to him and his company. Calling this “part of our DNA,” Milne wrote that the new opportunities Dwolla’s technology has created have “come with growth and the need to finance it.”
And finance it Dwolla has. The company picked up $6.85 million in new funding in a round led by Union Square Ventures and Foundry Group. Milne wrote that the investment will be used to expand Dwolla’s sales and account management operations in Des Moines, Iowa. The round featured participation from Detroit Venture Partners, Firebrand Ventures, High Alpha, Ludlow Ventures, and Next Level Ventures, and brings Dwolla’s total capital to just over $39 million. Firebrand Ventures founder John Fein was quoted in the Kansas City Star crediting Dwolla for rekindling his interest in supporting fledgling technology companies.
Pictured: Dwolla Director of Communications and Policy Affairs Jordan Lampe demonstrating FiSync at FinovateSpring 2015.
Milne also announced his company’s API Suite, Access API, will now contain all of Dwolla’s white label solutions. “Nothing changes for current customers,” he noted, “but additional features will be rolled into the Access API to make building software that connects to the banking infrastructure easier.” These features, according to TechCrunch, include same-day transfer and a new dashboard for managing transactions. Fortune.com notes that Access API “has attracted more than 100 customers in its first year.”
Founded in 2008 and headquartered in Des Moines, Iowa, Dwolla demonstrated its FiSync technology at FinovateSpring 2015. The company partnered with open source subscription billing and payments platform, Kill Bill, last October and, in August, introduced a new dashboard and administrative interface for its white-label partners. Dwolla added more FIs to its instant account-verification flow back in May.