Dwolla hit the market with a simple enough goal: build a scalable, global payment network capable of taking on national automated clearing houses and card schemes. The goal is and was to create an easy and low cost way to move money. With $9.7 million in new funding from exchange operatorCME, the firm is now ready to take its ambitions for payments past retail.
In a blog post, Dwolla CEO Ben Milne wrote, “They (CME Group) will have an immediate impact, helping us realize, accelerate, and distill Dwolla’s potential to you, to enterprises, and to the world’s marketplaces.”
That piont of view was echoed by what the CME Group’s Managing Director of strategic investment operations Mark Fields, told TechCrunch: “We believe Dwolla’s real-time infrastructure solutions can benefit the financial ecosystem within which we exist.”
Existing investors include Andreessen Horowitz, Union Square Ventures, and Village Ventures.