Dwolla, a San Francisco, CA-based advanced real-time digital payment network, raised a new financing reportedly amounting to $9.7m.
The round, which brought total funding to $32.5m, was led by CME Group (NASDAQ: CME), with participation from existing investors Andreessen Horowitz, Union Square Ventures, and Village Ventures. In conjunction with the funding, Mark Fields, Managing Director of CME Group’s strategic investment group, will join Dwolla’s board.
The company intends to use the funds to expand operations.
Led by founder and CEO Ben Milne, Dwolla is a payment network that allows any business or person to send, request and accept money. The platform securely connects users to bank account and allows users to move money for $0.25 per transaction, or free for transactions $10 or less.