Iowa-based Dwolla raises more than $16 million

DES MOINES, Iowa (AP) — An Iowa tech company says it has raised more than $16 million and plans to open an office in San Francisco.

Dwolla said in its announcement Tuesday that it will double its workforce at its Des Moines headquarters by the end of the year. The Des Moines Register (http://dmreg.co/18kAN4C ) reports investment firm Andreessen Horowitz is helping with the funding.

Dwolla lets users transfer money or pay for things through smartphones or online for a flat fee of 25 cents per transaction. Gov. Terry Branstad announced in January that the company will be offered as a way for about 50 businesses to pay cigarette taxes.

The company, which has about 40 employees in various offices, says its new office will focus on business development, product and marketing on the west coast.

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Information from: The Des Moines Register, http://www.desmoinesregister.com

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