Dwolla, a US-based payment transfer technology developer backed by futures company CME Group, has raised $6.85m in new funding, according to TechCrunch.
Union Square Ventures and Foundry Group co-led the round, which also received support from fellow venture capital firms Next Level Ventures, Ludlow Ventures, High Alpha, Firebrand Ventures and Detroit Venture Partners.
Dwolla produces software that enables payments and money transfers to be made more efficiently. The company, which has raised approximately $39m to date, intends to use the funding to bolster the sales team based in its Iowa head office.
Dwolla has also relaunched its application programming interface (API) as a white-label offering to clients, to be called Access API, which will incorporate the company’s same-day transfer service and a new dashboard.
CME Group led Dwolla’s $9.7m series D round in 2014, investing together with Andreessen Horowitz, Union Square Ventures and Village Ventures. The company’s past investors include Thrive Capital and BetterWorks.