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Dwolla

Provider
PSPBaaS

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 10 companies across 2 categories.

dwolla.com ↗Also analysed as a company — its own stack →
CategoriesPSP, BaaS
Rank#41 of 528 in PSP
Buyers10 companies
HeadquartersDes Moines, Iowa, United States
Founded2008
FoundersBen Milne, Shane Neuerburg
Raised~$100M+

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Founders & story · from Dwolla’s own dossier

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.

Latest round: Series D, 2024
Recent developments
  • 2024-01Raised $62.1M Series D led by Foundry Group at a $500M post-money valuation. source ↗
  • 2025-04Updated Open Banking Services Agreement with enhanced data handling, security protocols, and third-party data provider requirements. source ↗
  • 2025-10Updated Financial Institution Partners page, removing Evolve Bank & Trust and retaining Veridian Credit Union as the primary financial institution partner. source ↗
  • 2026-01Privacy Policy updated as of January 2, 2026. source ↗
Full dossier: Dwolla’s own stack, layer by layer →
Who uses Dwolla
10 companies disclose Dwolla in their stack
OttimateTeampayBraleVolaGasbuddyBeemObligoServeManagerSplit PayNovatti
Buyer mix · 10 of 10 classified
Fintech / Consumer banking · 3Horizontal SaaS / Spend Management · 1Infrastructure / Embedded Crypto · 1Infrastructure / Payments · 1Vertical SaaS / AP Automation · 1Vertical SaaS / Fuel & Convenience · 1Vertical SaaS / Legal · 1Vertical SaaS / Real Estate · 1
US · 9APAC · 1
What the disclosures say
Ottimate
“Historically used Dwolla ('Ottimate partners with Dwolla, a NACHA compliant payment processor, to send ACH payments' — Does Ottimate Take Possession of Funds article).”
Teampay
“teampay.co/legal/bank-agreements lists Dwolla account terms of service; Visa cards issued on Sutton Bank and Community Federal Savings Bank; Mastercard participated in Series B and expanded partnership (TechCrunch, Nov 2022); teampay.co/features/ap-automation lists ACH, virtual card, check, wire payment methods.”
Brale
“Brale's Privacy Policy and Terms of Service explicitly name Dwolla, Inc. and Stripe, Inc. as third-party service providers used for payment routing, transaction processing, and identity verification.”
Vola
“volafinance.com/terms-and-conditions explicitly names Braintree Payments Inc. for subscription fee processing and Dwolla Inc. for ACH debit of subscription fees and advance repayment.”
Gasbuddy
“Dwolla is listed as a known customer relationship at bankingembedded.com.”
Obligo
“Third Party Terms of Service on depositfree.myobligo.com explicitly states: 'Obligo uses trusted payment providers to facilitate the services offered to you through our platform: Dwolla' and 'In some cases, Obligo may use the Stripe Inc.”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Dwolla? Claim this profile above to unlock your own full list.
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What Dwolla runs on · from its own dossier
The third-party providers Dwolla itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Dwolla.
PSP
Checkout.com
Sponsor Bank
Veridian Credit UnionEvolve Bank & Trust
FX / Payouts
Currencycloud
Open Banking
PlaidMX
FX API
Currencycloud
Full dossier with evidence for each layer →
Alternatives to Dwolla

Other PSP providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Stripe781 buyers →Adyen317 buyers →PayPal153 buyers →Checkout.com114 buyers →Worldpay88 buyers →Mollie63 buyers →checkout59 buyers →Braintree57 buyers →
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Ranked #41 of 528 in PSP — Embedded Finance Index 2026
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  <img src="https://www.embeddedfinanceindex.com/api/badge/dwolla.svg"
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</a>
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Dwolla — frequently asked

Which companies use Dwolla?

10 companies are linked to Dwolla in the Embedded Finance Index 2026, through their own public disclosures or Dwolla's published customer list, including Ottimate, Teampay, Brale, Vola, Gasbuddy, Beem, Obligo, ServeManager, Split Pay and Novatti.

What does Dwolla do?

Dwolla is an embedded-finance provider in PSP and BaaS. It ranks #41 of 528 PSP providers by linked companies.

What are the alternatives to Dwolla?

The most-named PSP alternatives to Dwolla are Stripe (781 buyers), Adyen (317 buyers), PayPal (153 buyers), Checkout.com (114 buyers), Worldpay (88 buyers) and Mollie (63 buyers).

Who founded Dwolla?

Dwolla was founded by Ben Milne and Shane Neuerburg and is founded in 2008, headquartered in Des Moines, Iowa, United States.

How much funding has Dwolla raised?

Dwolla has raised ~$100M+ in total.

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