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News

21 June 2013

US payments start-up Dwolla has raised $16.5 million in funding to develop a cheaper alternative to bank payment networks and card schemes

US payments start-up Dwolla has raised $16.5 million in funding in its efforts to develop a cheaper alternative to bank-owned payment networks and card schemes.

Dwolla says the cash will be used to expand its workforce, product, marketing and business development activities.

Dwolla is already used by the state of Iowa to process taxes and has secured alliances with banks and credit unions for its real-time money transfer system.

Dwolla operates a flat fee or free pricing model, with a $0.25 transaction fee for payments over $10. 

http://www.paymentscardsandmobile.com/