Sometimes simple ideas give birth to game-changing businesses. Like a leading payment start-up Dwolla, based in Des Moines that is the product of a simple idea. The idea was related to money transfer. Founder thought it should be simple, speedy, and affordable to all, and as a result, they started a platform called Dwolla. Presently, it is the US’ only e-commerce Company, provides mobile payment networks and online payment systems. It deals with moving money that is affordable yet, simple. Well, we know that dozens of platforms are available for money transfer. But, with the unique idea of Ben Milne and Shane Neuerburg, Dwolla stands out from others. Also, many other businesses chose and succeed with Dwolla as it is customer-centric and its several other features are just great. To take the progress further, recently on 30 March 2020, the firm appointed Brady Harris as a new CEO of the company.
About Founders of Dwolla
Any company is the product of ideas, dedication, and determination of founders. However, the further policies of them build a strong foundation for the company, and help in exploring the business. Dwolla is a perfect example of it. Its foundation is based on Ben Milne and Shane Neuerburg’s idea of moving money in a faster, simpler, and affordable way. In 2008, they set up Dwolla and made the money moving faster, simpler, and affordable than before.
Former CEO and co-founder: Ben Milne
He is the originator and CEO of the company. Under his policies, Dwolla raised a huge investment of approximately 22 million dollars for further exploration of the company. Ben helped to acquire investors like Union Square Ventures, and Andreessen Horowitz. Also, under his tenure, Dwolla honored as one of the world’s “50 Most Innovative Companies of 2014” by Fast Company.
As well, Milne honored as one of Forbes’ “Disruptors of the Year”. Additionally, he has appeared on an annual 30 under 30 collections of Inc. Magazine, appeared on The TODAY Show, and Bloomberg TV. For his work, he named in the list, “Innovators Under 35” by MIT Technology Review in 2013.
Shane Neuerburg- CTO and Co-founder
In 2008, he helped in the establishment of Dwolla as well as served as CTO. Apart from that, he is the advisor at Safe Talpa from 2019. Coming to his education, he attended the University of North Dakota for studying computer science. Today the idea of Shane and his co-founder fellow Ben enabled the money transfer with very low transaction costs, faster service, and a feasible approach.
Brady Harris- Present CEO
He has 20+ years of experience in leadership in the e-commerce sector. Earlier, Harris served at Payscape as a president.
The Backstory of Foundation
In 2008, it is set up and earlier the firm provided local services especially in Lowa. That time, only two employees handled all work of the firm. The actual start of Dwolla is considered in 2010 when it was launched in the US. Earlier, services provided to a few small banks, shops, and retailers. After one year, the firm acquired 20000 users and also, the number of employees increased to 15. Only in the first week afterward, it successfully processed 1 million dollars.
Significance of Dwolla as an E-commerce platform
It is an e-commerce firm that provides services related to online and mobile payments. Its White label service is constituted of APIs and these are expanded to include instant bank authorizations. In 2011, Dwolla improved its service with Fisync integration and enabled instantaneous transactions which it discontinued in 2017. Also, it has eleven financial firms signed on that provide access to many potential customers (600000 approx).
Lowa based Government authorities use the Dwolla platform as payment methods. In fact, Dwolla is added to the systems of the US Treasury Department’s Bureau of Fiscal for dealing with all kinds of electronics payments.
Controversy
Four years back, in 2016, Dwolla had been accused of inadequate security practices. CFPB charged Dwolla for data security-related issues. As per CFPB, Dwolla didn’t maintain adequate data security practices as mention on the company’s website.
Bottom Line
Despite all odds, Dwolla assisted many small to large businesses to achieve their goals. Also, the firm is known for its unique work method. As a matter of fact, you will never find the Dwolla team in one place. They believed in decentralization, and for that prefer building remote offices at various locations.
As per the idea of founders, the firm is successfully enabled the money transfer with lower transaction costs as compared to Credit card and other payment methods. However, it aims to make the platform more feasible for all kinds of a user in the coming years.
Jayshri is an Electronics Engineer, but her passion towards writing made her to be in this field. Apart from content writing, she loves reading, writing and surfing on various topics. In her free time, she likes to watch TV series and news. Sherlock Holmes is her all time favorite show. Jayshri loves cooking various Indian-western dishes.