Dwolla

Dwolla provides an infrastructure platform for enterprises to build their own payment platforms. Dwolla offers configurable APIs for users to build customized payment experiences. The platform is content agnostic and also allows enterprises to maintain their branding and control. The platform facilitates a range of payment methods, including ACH transfers, real-time payments, wire transfers, and balance-to-balance transfers, among others. The platform also offers virtual account numbers (VANs) to improve the cost and efficiency of account-to-account transactions, and manage payment workflows. 

Enterprise users can embed payments into their apps by creating customer accounts, attaching bank accounts, and initiating transfers. The platform also lets users integrate with a range of apps including Slack, Sift, Quickbooks, and Plaid to gain additional functionality and insights from payment platforms using its services. 

In March 2020, Dwolla appointed former Mastercard Global Acceptance Solutions VP, David Glaser as its new President and COO. Glaser brings over 20 years of experience in the enterprise payments space and a focus on scaling Dwolla’s operations by enhancing enterprise growth strategies and developing its customer onboarding, implementation, and service processes.

Key customers and partnerships 

In March 2024, Dwolla expanded its partnership with MX Technologies, a financial data provider, to enhance enterprise money transfers.

Funding and financials

Dwolla raised USD 21 million in a funding round led by Foundry Group in July 2021. The funds are earmarked to be invested in recruitment and growth initiatives relating to international payments, expansive partner relationships, and accelerating product development with a focus on real-time payments.

As of July 2021, the platform supported around 3 million users and had about 500 customers, including real estate companies, educational institutes, and retailers. Dwolla also noted that the transaction volume handled by its platform rose 80% since the beginning of the Covid-19 pandemic, and it expects it to handle more than USD 30 billion in 2021—up from USD 20 billion in 2020.