Dwolla shuts last branded product Transfer
Dwolla is discontinuing the service its final branded product, Transfer, the firm’s service to move money.
Transfer was launched in spring 2017, and “although it became popular, we realised that it was not, in fact, the ideal way to move money, and that we weren’t done,” explains the company’s VP of product, Travis Ensley.
“Starting October 2018, we will no longer accept new Transfer accounts. In December 2018, the ability to send or receive payments will be removed entirely and Transfer will be permanently retired.
“Sometimes becoming who you are means leaving behind some things you were,” he adds.
The firm will now be focusing on its Dwolla Platform, says founder and CEO Ben Milne.
Dwolla Platform, launched last year, is a white-label API that integrates with businesses to connect them to the ACH Network, which allows them to send and receive funds.
“We are discontinuing Transfer because we are focusing exclusively on products that bring us closer to our mission of building the ideal platform to move money”, finalises Ensley.
Only last May, Dwolla introduced a new product plan. It’s called Start, and it offers a white-labelled, out-of-the box way for businesses to send and receive money without a large time or money commitment.
The firm also raised $12 million in funding last February.