The Des Moines-based payment network Dwolla has completed a round of funding that will enable it to expand its Iowa operation. The announcement comes as the company adjusts its business focus.
A group of venture capitalists have invested nearly $7 million in Dwolla. The money will allow the company to add about 20 people to its sales and account management teams over the next year.
Dwolla CEO Ben Milne launched the payment network in late 2010. He says since then, the mission has changed somewhat.
“Initially, we were an app you downloaded that allowed you to exchange money," Milne says. "We’ve really become the technology that powers the apps our customers are building.”
Milne says the change in direction has been good for the company.
“We’ve become a critical part of the infrastructure, but we don’t become the thing that people download anymore," he says. "That’s been an interesting transition, but one that has been incredibly healthy for the business.”
Dwolla technology enables individuals and businesses to send, receive and request payments by connecting directly to bank accounts. It currently employs around 40 people at its headquarters in downtown Des Moines.