Dwolla Raises $16.5 Million In New Venture Funds

Published April 30, 2013, 6:56 p.m. EDT

Updated August 26, 2020, 10:20 p.m. EDT

1 Min Read

DES MOINES, Iowa Dwolla, a credit union-backed money transfer company, yesterday said venture capital firm Andreessen Horowitz has committed $16.5 million in new funding.

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Dwolla has been working with several credit unions, including Veridian CU, an original investor, in developing a low-cost money transfer service. More recently, it formed a partnership with the state of Iowa to process taxes.

The company said its third round of financing will be used to further develop its enterprise products, and support customer/geographic growth. Previous investors include the Iowa CU League’s The Members Group affiliate, Village Ventures, Thrive Capital and Union Square Ventures.

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