The two may seem like direct competitors at first glance: both InspirePay and Dwolla are cutting-edge payments innovators aiming to revolutionize the payment processing experience for merchants.
Related: ePayment Platform Dwolla Raises $5 Million
But there are differences. While Dwolla uses mobile devices and social networks to transfer funds, InspirePay uses the web browser to set up payment pages for small merchants.
In fact, the businesses have deemed themselves close enough to complements that they’ve announced a new business partnership this week.
“Although we operate in the same space, we provide different services so we don’t compete,” explained Dwolla CEO Ben Milne in a release announcing the new union. Milne says the companies will work together “symbiotically,” with the integration process being helped along already by the InspirePay API.
Dwolla itself is a new entrant to the payments space, but InspirePay is even younger; the demo video on its official blog was added on Jan. 9, for example. But through five weeks, InspirePay founder Mark Fischer says the company has processed more than $100,000 in transfers.
In June, Dwolla announced that it had hit the $1 million mark in terms of per-week transactions volume. Earlier this month, the company raised $5 million in capital through a Series B round of funding led by Union Square Ventures.
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