Dwolla banks USD16.5m for online money transfers

dwolla

Secured investment

Online payment service, Dwolla, has raised USD16.5m in a Series C round led by Andreessen Horowitz. Investment also came from existing backers Village VenturesThrive Capital and Union Square Ventures.

Dwolla’s software acts as a network through which individuals, as well as enterprises, can make standalone payments online without incurring the charges associated with credit or debit card transfers. The company claims to have forged partnerships with 800 banks and credit unions, as well as with its home state of Iowa where it helped businesses pay more than USD125m in taxes.

Having recently opened its fifth US office in San Francisco, Dwolla says it will use the capital to continue its geographical and team expansion, in addition to developing its enterprise products. 

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