The funding round was led by previous investor Union Square Ventures and new investor Foundry Group, with participation also from Next Level Ventures, Ludlow Ventures, High Alpha, Firebrand Ventures, and Detroit Venture Partners, techcrunch.com reports.
It comes more than two years after Dwolla raised its last round, USD 9.7 million from strategic backer CME Group, and brings the total raised by Dwolla to just under USD 40 million.
The company says that it will be using the funds both hiring in sales, to be based out of its headquarters in Des Moines, Iowa.
While the API has been around since 2016, Dwolla is moving its same-day transfer service and a new dashboard to manage transactions under the Access API umbrella.
Back in 2014, when Dwolla took on the CME Group as an investor, Dwolla used the moment to being a shift in its service to expand beyond consumers, government relationships and mobile payments – its first three targets. Now, that shift appears to be the company’s sole focus, as underscored not just by the API but how Dwolla is growing it.
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