Dwolla Raises $21M in Funding

Dwolla, a Des Moines, Iowa-based modern payments platform provider, raised $21m in funding.

The round was led by Foundry Group with participation from Park West Asset Management LLC, Union Square Ventures, Detroit Venture Partners, Firebrand Ventures and Next Level Ventures, and Jeremy Andrus, CEO of Traeger.

The company intends to use the funds to conduct growth initiatives with international payments, expansive partner relationships through a partner API and further accelerate its product roadmap focused on a real-time payments experience.

Led by CEO Brady Harris, Dwolla provides organizations with a platform and low-code API that simplifies the process of integrating with the various payment networks. The funding follows most recent product expansions, offering innovative solutions such as Real-Time Payments, Push-to-Debit and low-code Drop-in Components. 

Since 2016, businesses have white-labeled the company’s technology to program payments in real time, the same day or to a debit card.

Customers include GOAT, Ibotta, and Rally among others.