Dwolla, an upstart e-payments platform, raised $5 million in Series B funding this week, according to a report by TechCrunch.
Dwolla will use its new capital to “continue product development, expand its API and ‘maybe buy some Doritos,’” according to TechCrunch(1). The funding boost is Dwolla’s largest capital raise to date by far, having raised just $1 million from a Series A round in November 2010.
Led by founder and CEO Ben Milne, Dwolla now facilitates payments between a network of roughly 80,000 consumers and 7,500 merchants. As of June 2011, the company was processing $1 million in payments every week, just six months after estimating weekly total transactions at roughly $50,000, TechCrunch says.
Dwolla is a 17-employee company aiming to disrupt the payment processing industry. While most payment processors charge a percentage of each transaction’s value, Dwolla takes a flat fee of $0.25 per transaction, and processes payments valued below $10 for free.
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