Ben Milne and Shane Neuerburg established the fintech Dwolla in 2008 in Iowa, United States, on the simple idea that moving money should be affordable, easy, and fast. Upon raising $1.31 million, Dwolla launched in the United States in 2010. and initially with a few small banks and retailers. By June 2011, Dwolla already had 20,000 users, and it processed $1 million in a week.
Dwolla provides a white-label service to other payment processors such as FlutterWave.
Dwolla is an authorized agent of the Veridian Credit Union. Moreover, US fintech works with a network of financial institutions for its services:
- Evolve Bank & Trust. Evolve provides ACH and Wire transfer services and holds all funds in any Dwolla Balance that has been assigned a Balance Account Number.
- MetaBank, N.A. Sponsorship and settlement of Push-to-Debit payment services provided by MetaBank, N.A. Push-to-Debit payments are typically available within 30 minutes.
- Cross River Bank. Real-Time Payments are performed by Cross River Bank, which holds funds on behalf of Recipients of such transactions in one or more pooled custodial accounts. These funds are not subject to FDIC pass-through deposit insurance.