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Dwolla Receives $16.5 Million in Series C Funding, Its Biggest Investment Yet


Yesterday, payment network Dwolla announced it received its largest investment so far, $16.5 million in funding.

This Series C round was led by Andreessen Horowitz who’s Partner, Scott Weiss, has joined Dwolla’s board. 


Additional investors include:

    • Village Ventures
    • Thrive Capital
    • Union Square Ventures

The new installment brings Dwolla’s total funding to just under $23 million. The Iowa-based startup plans to use the new round to grow business development to larger customers.

Four previous rounds include:

    • Angel, November 2009: $250k
    • Grant, March 2010: $55k
    • Series A November 2010: $1 million
    • Series B February 2012: $5 million

In its coverage, TechCrunch reports some of Dwolla’s recent growth figures:

    • Annual transaction processing run rate is a billion dollars
    • It has 250k account holders. This is up from 80k in early 2012.
    • It has more than 100 large customers
    • It will open its fifth office, located in San Francisco, this June

To learn more about Dwolla, check out its live demo from FinovateSpring 2012.