By: Ben Milne,

Dwolla is an internet payment network. 

We believe in this incredibly simple thing — people, businesses, governments, non-profits, and developers should be able to exchange money without paying a percentage to big brand payments companies, and no one should have to wait any longer than absolutely necessary to get access to the money they’ve worked hard to earn.

Dwolla values

Building and distributing an Internet-based payment network takes time, money, and luck — but mostly, a lot of really smart people and great customers. The investors in Dwolla’s last round helped us find our stride and new customers.

Last year was big for us. Our Iowa office flourished from 12 to 30 minds — 42 total across Des Moines, New York, Kansas City, and Omaha. Our transaction run rate has grown to exceed $1B annually, and we have expanded to serve more than 250,000 account holders nationwide.

This all started in Des Moines, and we have again found a partner who supports that. The prairie birthed us and gave us introductions to the world. Our first interviews and customers were all found here.

We’ve completed a round of funding

Dwolla is going to double our workforce in Iowa and New York, build a pipeline through this country with an expansion to San Francisco, and we’re going to do it with the help of a $16.5 MM round led by Andreessen Horowitz (a16z), and supported by Union Square Ventures, Village Ventures, and Thrive Capital. I could not be more excited.

 

Andreessen Horowitz and Dwolla

As I said at our first Silicon Prairie News talk, and I’ll probably say at our next one, I don’t believe there is an “us or a them.” This isn’t Biggie vs. Tupac. I only believe in a greater opportunity that connects the Midwest, East and West coasts and shares the assets and talents needed to build something that has never existed.

Our first investors were our friends and banking partners. We learned to build a better network and products. In this round, we would like to think our new partners at a16z aren’t afraid to scale— because they know it well.

Why Dwolla chose Andreessen Horowitz:

What you can expect

There’s a great deal of work to be done. In the U.S. alone, we have +$600T in payments to capture and a global footprint to build. One billion dollars is a drop in a very big bucket. This is a step along the way.

There is no party after this. There is much work to be done, and we look forward to doing it. As my friend Jeff says constantly, “#onward.”

On a personal note. A big thanks to AshtonNait, and Matt for the push on this one.

By the way, we are hiring.

DWOLLA-taco-job-opening

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Financial institutions play an important role in the Dwolla network.

Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.