Dwolla founder and CEO Ben Milne took the stage at Sibos in Boston Tuesday morning and announced the company has raised $9.7 million in funding led by strategic investor CME Group. According to TechCrunch, “the investment is significant because it opens the door wider for Dwolla’s enterprise activity, and the idea of using its platform as the backend for transactions elsewhere—for example in CME’s own exchanges.” Dwolla’s previous investors, including Andreessen Horowitz, Union Square Ventures and Village Ventures, also participated in the round. To date, Dwolla has raised $32.5 million.
The new relationship with CME Group will allow Dwolla to continue expanding upon partnerships it already has—like those with Amazon and GoDaddy—and building new ones. It also will allow the company to further use its network for as many applications as possible. In May, the company announced the latest iteration of its Next Day Transfers feature, which allows many of the same groups to move money over Dwolla’s network in just one business day. And in June, its team launched Dwolla Direct, which will allow users to send money over Dwolla’s network without fully registering for an account. — Source: TechCrunch
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