$5 Million Raised in Latest Dwolla Round With Diverse Investor Group

| February 9, 2012 | 0 Comments

It’s been just over a year since payments wunderkind Dwolla hit the scene, but they are already doing $50 million monthly across it’s network. Even at only 25¢ a pop, that’s still some serious volume.

The latest funding round brings an interesting group together: Albert Wenger and Fred Wilson of Union Square Ventures,  Mark Ecko of Artists & Instigators, Matt Harris of Village Ventures, angel investor Paige Craig and Thrive Capital’s Joshua Kushner.

According to Dwolla founder, Ben Milne, the new investors bring more to the table than just investment capital. Milne’s hopes are that they will help the company grow by bringing on board their collective experience in building consumer brands, social and financial networks, banking back-ends, and APIs.

In setting out his long-term goals, Milne is nothing if ambitious. “A company of ten doing a million dollars a day in transactions is interesting, but it’s not what we set out to build,” he says. “We set out to build an ubiquitous cash-based payment network that allows anyone with an Internet connection to access their money and buy the things they want in a way that bypasses the costs of the current system.”

Related stories around the web:

Dwolla‘s Series B: Three things it means for Dwolla (Part 1)
As you may be aware, the anticipated and recently rumored Series B funding news broke this week for the good folks at Dwolla in Des Moines. This round totalled $5 million and was not only raised out-of-Iowa but out-of-Silicon Prairie, with money coming …
www.siliconprairienews.com

Payments Day
First, our newest portfolio company Dwolla announced the closing of a round we led on their blog. Dwolla is building a large network of engaged users via a radically lower cost payment system. How much lower? Zero for transactions below $10 and a $0.25 …
www.businessinsider.com

Dwolla

Category: Alternative Payments

Melody Wigdahl

About the Author ()

Melody Wigdahl is a 25 year veteran of the payments industry, and has been an international ECommerce specialist since 1993. For the last decade, her primary focus as been the area of alternative payments and real time bank payments.

Melody has been with UseMyServices since 2003, and enjoys the challenges of being involved with cutting edge technology on a daily basis.

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