US online and mobile payments processor Dwolla has landed $12 million in new funding led by Foundry Group with participation from Union Square Ventures, Next Level Ventures, Ludlow Ventures, High Alpha, and Firebrand.
Dwolla chief Ben Milne says the fund will be used to meet the firm's growing capital requirements as a financial platform and to expand the team.
"We have more than 40 openings to fill this year," he notes in a blog post announcing the round. "As we build our team, we do so knowing that the best teams are built by the inclusion of diverse ideas, experiences, and people.
The latest round brings Dwolla's total funding to $51 million, a figure dwarfed by the $71 million Series C round raised by marketplace payments outfit YapStone. Premji Invest led the round and was joined by several high-profile investors, including Mastercard and existing investors, Accel and Meritech Capital Partners.
"YapStone has grown over 35 percent annually for the past decade and 2017's growth was exceptional," says Tom Villante, co-founder and CEO of YapStone. "This funding will help us grow our leadership position in serving global marketplaces and software companies, utilizing new technologies in expanded geographies."
The company, which processes over $18B in payment volume annually, has raised over $180 million since inception.