According to the post, the round was led by Foundry Group, with participation from Union Square Ventures, Next Level Ventures, Ludlow Ventures, High Alpha and Firebrand.
In total, Dwolla has raised more than $50 million since launching in 2010.
Ben Milne, CEO and founder of Dwolla, said the funds will be used to meet growing capital requirements as a financial platform as well as expanding the team at Dwolla.
Milne said Dwolla has more than 40 openings to fill this year.
“As we build our team, we do so knowing that the best teams are built by the inclusion of diverse ideas, experiences, and people,” Milne writes.