What Dwolla does

Dwolla is an API-first bank payment infrastructure platform that enables platforms and enterprises to embed account-to-account (A2A) payment capabilities into their products. Founded in 2008 in Des Moines, Iowa, the company provides a Unified API that consolidates multiple U.S. payment rails — ACH, Same-Day ACH, RTP (Real-Time Payments), and FedNow Service — into a single integration, eliminating the need for platforms to manage multiple vendor relationships. Supporting features include Mass Pay (up to 5,000 disbursements per request), Digital Wallet, Open Banking Services (via Plaid, MX, Finicity, Flinks), Push to Card (in beta), tokenization, and developer tools including SDKs for TypeScript, PHP, Python, Ruby, C#, and Kotlin/Java, plus a sandbox environment and webhook event notifications.

Dwolla serves 400+ customers across verticals including real estate, lending, B2B fintech, insurance, healthcare, manufacturing, and BNPL, with named enterprise clients such as MoneyGram, Visa, Routable, and Zip. Revenue is generated through API platform subscriptions, per-transaction fees across all supported payment rails, and usage-based fees for open banking services. Pricing is quote-based with two disclosed tiers: Start (pay-as-you-go, launched March 2025) and Enterprise/Balance Solutions (annual subscriptions for high-volume platforms with digital wallet functionality).

The company was acquired by NMI (Network Merchants Inc.) in May 2026, creating a combined entity processing nearly $700 billion in annual transaction volume. Dwolla CEO Dave Glaser joined NMI as COO to lead integration, and approximately 60 Dwolla employees transitioned to NMI's organization. Prior to acquisition, Dwolla had raised over $72M across multiple funding rounds including a $21M Series B led by Foundry Group in 2021. The platform maintains SOC 2 Type 2 certification and operates exclusively in the U.S. domestic market, with funds transfers executed through banking partners Veridian Credit Union and KeyBank N.A.

Name

Dwolla

Legal name

Dwolla, Inc.

Website

https://dwolla.com

Company type

Private

Founded year

2008

Operating status

Acquired

Headcount range

51–100 employees

Short description

Dwolla provides an API-first bank payment infrastructure platform enabling platforms and enterprises to embed account-to-account payments (ACH, Same-Day ACH, RTP, FedNow) via a unified API. Serving 400+ customers across real estate, lending, B2B, insurance, and healthcare verticals.

Ownership category

akta.pro rank

Product category

Embedded Payments Infrastructure / Bank Payment API

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Prepackaged Software (7372)

akta.pro primary industry

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)

akta.pro secondary industry

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Account-to-account payments
• Embedded payments infrastructure
• Unified payments API
• Real-time payments platform
• ACH automation software

Headquarters

HQ city

Des Moines

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. API Platform/Subscription Fees: Dwolla provides its payment infrastructure API to businesses on a subscription or usage basis. The platform offers different tiers and access levels based on transaction volumes and feature requirements. Pricing is likely tiered based on transaction volume, API usage, and feature access.
2. Transaction Processing Fees: Dwolla charges transaction fees for processing payments across ACH, Same Day ACH, RTP, and FedNow networks. The company earns a per-transaction fee for each payment processed through its platform, making revenue directly tied to payment volume.
3. Open Banking Services: Revenue generated from open banking services including instant account verification and balance checks integrated through partners like Plaid.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Dwolla provides an API-first, bank payment infrastructure platform that enables platforms and enterprises to embed account-to-account payment flows (Standard ACH, Same Day ACH, RTP®, and FedNow® Service) into their products through a single unified API. Supporting capabilities include a Digital Wallet for on-platform fund holding, Mass Pay for bulk disbursements, Open Banking Services for instant verification and balance checks, and Push to Card real-time disbursements via Checkout.com. The platform is white-labeled and operated as an agent of Veridian Credit Union with ACH services provided through KeyBank N.A.

Product overview

Dwolla is a bank payment infrastructure platform that provides API-first account-to-account payment solutions for platforms and enterprises. The core offering is the Unified API Platform, which consolidates multiple payment rails (ACH, Same-Day ACH, RTP, FedNow) into a single integration. Supporting the core platform are features including Instant Payments, Mass Pay, Digital Wallet, Open Banking Services, and security features (Tokenization, Bank Verification, Secure Exchange). Developer tools include TypeScript SDK (GA), PHP SDK (Beta), Python SDK, Ruby SDK, C# SDK, Kotlin/Java SDK, sandbox environment, and webhook event notifications. Additional solutions target specific use cases: Enterprise and Balance solutions for digital wallet functionality, and Connect for bring-your-own-bank integrations. Push to Card capability enables real-time card payouts. The platform serves industries including Real Estate, Lending, B2B Fintech, Insurance, and Healthcare.

Differentiator

Problem solved

Functional benefit

Products and services

• Unified API Platform API-first account-to-account payment infrastructure providing a single integration across ACH, Same Day ACH, RTP®, and FedNow® Service rails for platforms and enterprises embedding payments into their products.
• Instant Payments (RTP & FedNow) Real-time payment processing via the RTP® Network (operated by The Clearing House) and FedNow® Service (operated by the Federal Reserve), enabling funds transfer in seconds with consistent status tracking and confirmation.
• Same Day ACH

Quantifiable outcome

• B2B platforms cutting reconciliation overhead by 70%
• +3 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature10 records

Partnerships

Seven partnerships are on record, tiered core, strategic and flagship.

• PlaidcoreTechnology or Integration · 1 October 2024Dwolla expanded its integration with Plaid in October 2024, offering enterprise clients a unified API that combines instant account verification, real-time balance checks, and pay-by-bank payment methods including ACH, RTP, and FedNow through a single vendor. The integration reduces technical overhead and vendor management complexity while improving efficiency and development cycles. Branded Research was the first beta client leveraging this integration for its survey payout platform.
• Veridian Credit UnioncoreOthersVeridian Credit Union is Dwolla's primary financial institution partner, serving as the institution through which Real-Time Payments are performed. Dwolla is an agent of Veridian Credit Union, and funds held in Dwolla Balance are held in pooled holding accounts at Veridian Credit Union. The credit union also holds funds for Virtual Account Number features and provides ACH, Real-Time Payments, and Wire transfers to Dwolla users.
• KeyBank National AssociationcoreOthersKeyBank N.A., Member FDIC, provides ACH transfer services to Dwolla users. Dwolla client and customer funds at KeyBank are held in a Dwolla Balance subaccount. KeyBank is an FDIC-insured financial institution partner providing banking infrastructure for ACH transactions.
• Checkout.comcoreTechnology or IntegrationCheckout.com provides card network connectivity powering Dwolla's Push to Card capability for real-time payouts to eligible Visa and Mastercard debit cards. This partnership enables Dwolla to expand its instant payout options beyond traditional bank rails.
• MXstrategicTechnology or IntegrationMX (formerly MX Connect) is integrated with Dwolla's Exchange Sessions API for instant bank account verification and open banking services. Part of Dwolla's open banking partner ecosystem enabling real-time balance checks and secure account verification.
• Finicity (Mastercard)strategicTechnology or IntegrationFinicity, now part of Mastercard, is integrated with Dwolla's exchange partnerships for bank account verification and open banking connectivity. Part of Dwolla's pre-integrated open banking solutions ecosystem.
• NMIflagshipStrategic or Co-development PartnerNMI acquired Dwolla in May 2026, combining NMI's payment acceptance, channel distribution, and merchant lifecycle management capabilities with Dwolla's A2A infrastructure, real-time payments, and open banking technology. The combined entity processes nearly $700 billion in annual transaction volume. Dwolla CEO Dave Glaser joined NMI as Chief Operating Officer to lead integration.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Unit: Unit offers embedded banking and payments infrastructure for platforms, including accounts, cards, and money movement — overlapping with Dwolla's digital wallet and embedded payments solutions.
• Treasury Prime: Treasury Prime provides embedded banking and payment infrastructure (BaaS) with bank partner connectivity for ACH, RTP, and wire transfers — overlapping Dwolla's embedded payments model from a BaaS angle.
• Plaid: Plaid is both a Dwolla partner (open banking integrations) and an emerging competitor moving into payment initiation (Plaid Payments). Its open banking data layer overlaps with Dwolla's verification and balance-check features.
• Sila: Sila provides fintech-as-a-service and payment infrastructure APIs including ACH and disbursements for platforms, partially overlapping Dwolla's disbursement and digital wallet offerings.

Broad incumbents

• Stripe: Stripe is a global payments giant whose API platform spans acceptance, payouts, issuing, and increasingly A2A (Stripe Financial Connections). While Dwolla is A2A-specialized, Stripe competes for the same platform-embedded payments budgets.
• Galileo Financial Technologies: Galileo (a SoFi company) provides payment processing and BaaS infrastructure with API-based money movement across multiple rails — competing for embedded payments platforms customers at larger scale than Dwolla.

Direct peers

• Finix: Finix provides payment infrastructure and orchestration APIs for businesses to embed and accept payments, with overlap to Dwolla's embedded payments and disbursement use cases, particularly B2B and platform customers.
• Modern Treasury: Modern Treasury provides payment operations infrastructure for moving money via ACH, RTP, FedNow, and wires through APIs — directly competing with Dwolla's unified A2A platform. Both target platforms embedding payments and offer developer-first APIs.
• Increase: Increase offers API-based banking and payment infrastructure, including ACH, RTP, and FedNow, with a focus on high-volume A2A payments for platforms. Closely comparable to Dwolla's core A2A orchestration offering.
• Orum: Orum provides an instant payment orchestration API connecting to ACH, RTP, FedNow, and push-to-card rails, targeting financial institutions and platforms — a near-direct competitor in unified A2A infrastructure.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• GitHubgithub.com/Dwolla
• Xx.com/dwolla

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds9 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dwolla