The CME Group-backed payment transfer platform has raised $6.85m and will use the funding to increase headcount at its Iowa headquarters.

Dwolla, a US-based payment transfer technology developer backed by futures company CME Group, has raised $6.85m in new funding, according to TechCrunch.

Union Square Ventures and Foundry Group co-led the round, which also received support from fellow venture capital firms Next Level Ventures, Ludlow Ventures, High Alpha, Firebrand Ventures and Detroit Venture Partners.

Dwolla produces software that enables payments and money transfers to be made more efficiently. The company, which has raised approximately $39m to date, intends to use the…