Payments technology provider Dwolla has raised $6.85 million in a funding round as it seeks to continue development of its Automated Clearing House application interface and increase its sales operation.
Union Square Ventures and Founding Group led the funding round, along with Next Level Ventures, Ludlow Ventures, High Alpha, Firebrand Ventures and Detroit Ventures.
Dwolla has been in the process of pitching its faster payments system, now called Access API through its FiSync protocol, to the Federal Reserve Bank as it contemplates the facets of a future system in the U.S.
Dwolla says the funds will be used to hire and expand sales operations at its headquarters in Des Moines, Iowa. "The Midwest has a wealth of resources, but its biggest strength is its people and that's a competitive advantage we plan on continuing to invest in," Ben Milne, founder and CEO, said in a Jan. 20 press release.
The Access API platform is designed to make it easy for businesses and developers to integrate the banking system into their software through a dashboard and administrative interface, Dwolla said.