According to Reuters, Venture Beat reported that Andreessen Horowitz, headed the third funding round for Dwolla. Dwolla was able to raise US$16.5 million. Previous financiers, Union Square Ventures, Village Ventures and Thrive Capital also took part.
The software developed by Dwolla enables anyone, whether an individual or business entity that is connected to the internet to perform financial transaction. And it will use the third round of financing to further develop its products/services to broaden its clientele globally.
In an email sent by Jordan Lampe, Director of Communications, he related that, "Dwolla has created its own, standalone payment network."
He further discussed said, "This allows the company to bypass traditional fees, problems, and delays associated with card and check-based networks. But it doesn't stop there; by starting completely over, we're able to create a versatile payment network that's able to work with any bank account. This means that the same system that is used to buy a cup of coffee at your favorite java spot is also the same system that's allowing retailers in the state of Iowa to pay over $125 million in taxes. Trippy stuff."
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