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Dwolla

“Can a purpose-built ACH/RTP API platform become the definitive bank-payment infrastructure layer for US enterprises and platforms—and expand from pure payment-rail access into a full open-banking and money-movement suite?”

Founded2008
HQDes Moines, Iowa, United States
FoundersBen Milne, Shane Neuerburg
Total raised~$100M+
Latest roundSeries D, 2024
Valuation$500M post-money (2024)
IndustryInfrastructure / Payments
The story

Founded in 2008 as a consumer-facing low-cost payments network aiming to disrupt ACH and card fees, Dwolla pivoted around 2015-2016 to a pure API/B2B model—white-labeling ACH and real-time payment infrastructure to platforms and enterprises. Over the next decade it deepened its stack from basic ACH to include Same Day ACH, RTP, open banking integrations (Plaid, MX), digital wallets, and Push to Card (via Checkout.com). In early 2024 a $62.1M Series D at a $500M valuation funded further enterprise expansion; in May 2026 Dwolla was acquired by NMI to power NMI's bank-payment rails and A2A infrastructure.

Last 12 months
2024-01
2025-04
2025-10
2026-01
2026-05
Product timeline
2008
Founded in Iowa by Ben Milne and Shane Neuerburg as a consumer payments network alternative to ACH and card networks.· pivot
2010
Launched publicly in December 2010 targeting small banks and retailers across the US.· pivot
2013
Raised $16.5M Series C led by Andreessen Horowitz and expanded to San Francisco.· banking
2019
Partnered with Currencycloud to enable international payments in 38 currencies and 180 countries.· acquisition
2021
Raised $21M to expand customizable payment and money transfer APIs for fintechs and brands, deepening embedded finance positioning.· banking
2024
Raised $62.1M Series D led by Foundry Group at a $500M valuation, accelerating enterprise payments infrastructure.· banking
2026
Acquired by NMI to extend NMI's embedded payments platform with bank-payment rails and A2A money movement infrastructure.· acquisition
The stack
7 layers disclosed in Dwolla’s embedded-finance stack
Payments / PSP
Checkout.com
Money movement
in the full report
Banking / BaaS
in the full report
Open banking
in the full report
Unified APIs
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: minor
9 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.