Dwolla passes $1m per week

The momentum in the transaction space is moving at an amazing speed.  Payment service company, Dwolla, has now passed $1,000,000 in per week transactions.  Just how fast have they gotten here?  According to Techcrunch, six months ago they were doing 50k per week, then three months ago $1m per month. For comparison, “Co-founder Ben Milne says that this is notable because it was only a little over a year and a half ago that billion dollar startup Square crossed the exact same “$1 million a week” milestone.”

Stats from Dwolla:

  • We’ve passed $1 million a week in transactions
    • ~6 months ago we were doing $50k a week.
    • ~3 months ago we passed $1M a month
    • We  are saving users $30,000+ a week when compared to traditional fees
  • We are opening more accounts every day than we did in the first year and a half of doing business
  • Our core team has grown from 2 to 15(ish)
  • At any given moment, average users online have swelled from 10 to over 200
  • Over 1 million social contacts have been added through our Twitter and Facebook integration feature
  • Our office space in The Midland is quickly closing in on us
  • 11 Financial institutions have signed on for FiSync integration

The company has been busy releasing several new product lines including; FiSync, Spots, GRID, and social connections.

Techcrunch on FiSync:

“Innovative web and mobile payments platform Dwolla is announcing today its FiSync integration for financial institutions, a technology which lets users of participating banks integrate their accounts with with the Dwolla platform. FiSync will let members of partner financial institutions send and receive money via phone, web, Twitter and Facebook as well as at actual stores instantly.

Because of a technology partnership with The Members Group, a full Dwolla FiSync core integration will eliminate the 2-3 day wait times associated with Automated Clearing House transactions and will allow users to directly transfer cash from their bank accounts, without the need for a pre-loaded Dwolla account.”

Dwolla on Spots:

Dwolla on GRID:

What does it do?

  • Provide third party developers with the tools needed to create a seamless purchasing experience in an app or an online purchase (no more entering painful credit card numbers!)
  • Validate a new kind of payment network, one that doesn’t leave behind personal information.
  • Serves as platform for future integration into mobile applications (Zaarly, Square, Google wallet, Mint, etc.)
  • Puts consumers, not networks, in control of who can access, their payment information, and to what degree (allows users to revoke and alter third-party access to your payment network)…
  • Grant developers first time access to a payment network and its core technologies (in our case, location based c2b payments, social integration for p2p, 25 cent payment network)

For developers:

“For the first time ever, developers will have access to a payment network to innovate and build on top of and because the network is devoid of payment information, you remove a lot of liability that is typically associated with plastic networks (e.g. storing financial information and credentials, and pre-loading accounts or converting to a virtual credit system). You can actually implement cash into your software by integrating with this connect methodology.”

Mashables on social connections:

“Dwolla is a simple service that lets you connect to Facebook and Twitter to send and receive funds. Once your checking or savings account is linked to Dwolla and your social network contacts are imported (an automatic process that occurs programmatically behind the scenes), you can send money to any of your Facebook friends or Twitter followers.”

About Daniel Davenport

Daniel is a digital media executive with internet and broadcast experience. Daniel is currently the executive strategy director at THINK Interactive.

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