Dwolla, a payment infrastructure provider, has raised USD 21 million in a funding round led by Foundry Group with participation from six other investors, including Park West Asset Management LLC, Union Square Ventures, and Detroit Venture Partners. This brings the company’s total funding to over USD 70 million.

The funds will 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.

Dwolla 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. The company also reported 500 customers that represent nearly 3 million end users. 

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 own branding and operations. The platform facilitates a range of payment methods, including ACH transfers, real-time payments, wire transfers, and balance-to-balance transfers, among others.