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.”
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About the Author: Melody Wigdahl
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.