Start-Up Money Transfer Service Dwolla Gets CU Venture Funding

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DES MOINES, Iowa – Dwolla, the low-cost person-to-person money transfer start-up, said yesterday that the Iowa CU League-affiliated The Members Group and Veridian CU, its partner, have agreed to invest $1 million of Series A financing.

This is Dwolla’s second round of venture funding, following a $250,000 Angel round completed in November 2009.

Veridian, which made the investment through its Verifian Group CUSO, had a previous relationship with Dwolla as one of the financial institutions where user’s funds were deposited. The Waterloo credit union is the largest credit union in Iowa.

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