We saw some great stuff at FinDEVr New York earlier this year. If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.
- FinDEVr Veteran OutsideIQ Acquired by Exiger
- Plaid and Dwolla partner to provide fully-tokenized ACH payment integration.
- Xero features its partnership with Equifax.
- London Metal Exchange locates LMEselect Platform at Interxion’s Data Center
- Envestnet unveils expanded data analytics portfolio for wealth management.
- FinDEVr Alum Quovo Raises $10 Million
- Prival Bank of Panama to deploy Temenos’ core banking solution, T24.
- Trulioo adds new Canadian data sources to its GlobalGateway verification technology.
- Jay Shah promoted to CEO of Personal Capital
- Xero awarded the Best Overall Fintech Platform by the Fintech Breakthrough Awards.
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With a new investment of $9.7 million, Dwolla’s total capital now stands at $32.5 million.
This latest investment in the real-time digital payment network was led by CME Group. The round included participation from a handful of existing investors, as well, specifically, Andreessen Horowitz, Union Square Ventures, and Village Ventures.
Writing for the Dwolla blog
, CEO and Founder Ben Milne talked about how the investment will have an “immediate impact,” pointing to CME Group’s experience as “the world’s leading and most diverse derivatives marketplace. This has led to some interesting speculation
on next steps and potential future deployments of Dwolla’s technology.
Recently in the news announcing the official launch of MassPay
, Dwolla also was featured in an American Banker column on payment technology and wearables like Google Glass. In June, Dwolla released its Direct
service to allow users to send money without requiring fully registered Dwolla accounts. The month before, the company launched Next Day Transfers
, its new small business service offering that provides faster deposits (three times faster than ACH), and next-day bank withdrawals.
Founded in 2008 and headquartered in Des Moines, Iowa, Dwolla demoed its FiSync
solution at FinovateSpring 2012
in San Francisco.
For alternative payments network Dwolla, life is about finding ways around the traditional, slow ACH system. In a new development today, the company announced that it is launching Next Day Transfers.
The new service aims to help SMBs replace paper checks, mitigating the estimated $13 billion spent annually on paper check operations. The Next Day Transfer service will reduce bank transfers in and out of the Dwolla network to as little as two business days.
Here are the highlights:
- Deposits to Dwolla are three times faster
Qualifying business, nonprofit, and government accounts can receive transfers from a bank account to their Dwolla account three times faster than a typical ACH transfer.
- Next-day bank withdrawals
For all users, transfers from a Dwolla account to their financial institution may be transacted as soon as the next day.
- Dwolla-to-Dwolla transfers are still instant.
To facilitate SMB’s conversion to digital money transfers, the Iowa-based payments startup is also providing a Business Payments Toolkit, which aims to offer a turnkey solution to help companies switch from paper checks to Dwolla’s API.