Dwolla Raises $16.5 Million

Posted Apr 30, 2013

Dwolla is a payments startup company that has raised $16.5 million in Series C funding led by Andreessen Horowitz.  Other investors that participated in this round include Village Ventures, Thrive Capital, and Union Square Ventures.  Dwolla plans on using the funding to double their staff of 80 members and will be expanding to San Francisco from Des Moines, Iowa.

Dwolla makes it possible for users to send and receive payments for a low fee.  There are no plans to expand outside of the U.S. as of yet.

Dwolla’s FiSync product offers real-time payments to financial institutions like banks.  Currently only one financial institution uses FiSync publicly, but there are a number of institutions that will integrate the technology soon.