Dwolla swipes $6.85m for bank transfers API

Bank transfers software platform Dwolla has raised $6.85m in a new funding to coincide with the relaunch of its white-label API.

Existing investor Union Square Ventures co-led the round with new backer Foundry Group.

Other existing investors Next Level Ventures, Ludlow Ventures, High Alpha, Firebrand Ventures and Detroit Venture Partners also participated in the round.

The funding for the Des Moines, Iowa-based company follows its shift from consumer apps to focus on selling its API directly to developers and other businesses.

Dwolla says the the product will undergo a series of changes over the next few weeks as it rolls its API suite into its new ‘Access API’ product.

Access API is designed to make connecting software to banking infrastructure easier.

The company currently employs 43 staff and say it will use the new capital to expand sales and account management operations in Des Moines.

The round brings Dwolla’s total funding to more than $40m since launching in 2010.

It previously raised $9.7m in a Series D round led by CME Ventures that also saw participation from Andreessen Horowitz and Union Square among others.

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