Dwolla raises USD 21 mln to innovate B2B payments

According to AITHORITY, additional investors include Park West Asset Management LLC, Union Square Ventures, Detroit Venture Partners, Firebrand Ventures, Next Level Ventures, and Jeremy Andrus, the CEO of Traeger. The investment will catalyse Dwolla’s growth initiatives with international payments, expansive partner relationships through a partner API, and further accelerate the company’s aggressive product road map focused on a real-time payments experience.

Moreover, Dwolla has seen an 80% increase in transaction volume since the beginning of the COVID-19 pandemic, trending to exceed USD 30 billion in 2021. These expanded volumes come with a growing customer base that onboarded nearly 3 million end users through the first half of 2021 to the Dwolla Platform, emphasising the need for a digital payment solution that can meet the operational needs of modern enterprises and their customers, AITHORITY stated.

Overall, Dwolla has raised more than USD 70 million in capital from investors such as Andreesen Horowitz, High Alpha, Thrive Capital, Ludlow Ventures, and others. Assisting in financial technology across a range of industries from real estate to education and more, brands including GOAT, Ibotta, and Rally have benefited from Dwolla’s robust payments platform.