A pair of Iowa CUSOs has made a million-dollar investment in a home-grown money transfer platform and plan to help the peer-to-peer service grow.
The Members Group and The Veridian Group are backing Dwolla Corp. of Des Moines, a startup provider of online and mobile banking P2P transfers that said it charges 25 cents per transfer regardless of amount.
Des Moines-based TMG, a financial and payments services CUSO, said it will be the primary distributor of the Dwolla platform to community-based financial institutions and will provide product development and compliance guidance.
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