Dwolla is an enterprise payments solution that provides an online payment system and mobile payments network.
Dwolla develops application program interface (API) solutions that facilitate bank transfers, manage customers, and verify bank accounts.
Dwolla was founded in 2008 by Ben Milne and Shane Neuerburg. The company is based in Des Moines, Iowa.
Dwolla provides an API that allows companies to build and facilitate fast payments, specifically with a focus on ACH (automated clearing house, or payments or transfers between banks or other financial institutions).
Dwolla also provides Dwolla Dashboard and Admin, an intuitive interface for managing customers, viewing transactions, and finding business trends. The company processed $20B in gross payment volume in 2020.
Dwolla has some 3 million end users on its platform, which are channelled through some 500 customers using its services. Customers include real estate companies, educational institutions and retailers and brands like GOAT, Ibotta and Rally.
Dwolla is backed by Foundry Group, Union Square Ventures, High Alpha, Park West Asset Management, Firebrand Ventures, Detroit Venture Partners, and others. The company raised $21M in a new round on Jul 21, 2021. This brings Dwolla's total funding to $72.4M to date.