The new solution will make it easier for businesses to send and receive payments directly from bank accounts. Dwolla Connect will be available to enterprises from different industry sectors, such as financial services, lending, banking-as-a-service, marketplaces and insurance.
“Expanding our product offering with Connect is an exciting step forward that showcases our commitment to offering simplified payment solutions tailored to our customers’ needs”, said Dave Glaser, COO & president at Dwolla. “Not every business needs a digital wallet, but they do want our industry-leading payment processing capabilities to streamline their payment operations. We’re thrilled to introduce a new solution that brings together the best of our advanced payment technology with the flexibility to integrate with your own bank.”
Dwolla provides account-to-account payment options to businesses. In April 2021, the company launched Real-Time Payments – an instant payment option allowing for the quick transfer of money to a bank account in seconds using the RTP Network.
In July 2021, Dwolla secured $21m in a venture round led by Foundry Group, with participation from Union Square Ventures, Park West Asset Management and others. Business officials said the money raised would help the company expand its international payment solutions.