Dwolla defines itself amongst other similar platforms, like Jack Dorsey’s Square Inc., by being a cash-based payment network – a peer-to-peer platform to transfer funds without the fees – or physical credit cards. The system seems similar to PayPal, where users can adds funds to their account, or link their banks to it. Dwolla’s site indicates that its system can be used for:
Retail purchases – Check out Dwolla spots to see a map of all the businesses that accept Dwolla
Peer to peer transactions – Do you owe your friend money? Send them money through Dwolla!
Online – There are a number of online businesses that accept Dwolla
Donations – Send your favorite charity or non-profit your donation through Dwolla!
While addressing Dwolla employees at its headquarters on Monday, Kutcher stated that he would like to build a “killer” company in Iowa, “and put a bunch of people to work here.” No word on how much Kutcher invested in the startup, but Dwolla founder Ben Milne claims to speak to the actor via Skype monthly, and that the future astronaut and Two and a Half Men star’s input has “shown up in the product already in a million different ways.”
Kutcher’s A-Grade Investments has contributed to roughly 40 tech startups, including Foursquare, Zaarly and Skype. He said he sees Dwolla as having a big impact.