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Dwolla Raises $5 Million in Series B From Union Square Ventures

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Earlier this month, payment network Dwolla announced that it raised $5 million in Series B funding from Union Square Ventures. In addition, Village Ventures, Thrive Capital, Artists & Instigators  and angel investor Paige Craig also participated in the round.

Silicon Prairie News reports:

“With the new funds, which bring Dwolla’s total amount raised to date to around $6.3 million, the company plans to bolster its product development and support and aggressively expand its API offerings…”

While not divulging any concrete numbers, Dwolla has shared a few stats over the past year on its blog

  • Users grew 25x
  • Merchants grew 37x
  • Millions have been saved in fees
  • 16 jobs were added to the Des Moines economy

To learn more about Dwolla, watch its FinovateSpring 2011 demo.