Dwolla Corp. has raised $5 million in funding, according to Business Insider. The investment was led by New York-based Union Square Ventures, and partner Albert Wenger will join Dwolla’s board.

Also investing are New York-based firms Village Ventures and Thrive Capital, The mobile phone-based payment company started by Ben Milne has grown to 80,000 users who are moving more than $1 million per day.

Milne told Business Insider that “We will definitely be staying in Iowa and we picked investors who support where we’re from.”