How Dwolla Verifies Investor Accounts: What Documents Are Required and When

When an investor submits their information, Dwolla—our secure financial intermediary—may be able to automatically verify their identity based on the data provided. However, if the system cannot verify the investor through automated checks, additional documentation will be required to complete the process.

Below is a guide to what Dwolla may request, depending on the account type and situation.

🔍 For Individual Investing Accounts

If automated verification fails, the investor must upload one of the following non-expired U.S. government-issued photo IDs:

• U.S. Passport
• U.S. Passport Card
• U.S. State-Issued Driver’s License
• U.S. State-Issued Identification Card (Non-Driver ID)
• U.S. Visa
• Federal Employment Authorization Card

Non-U.S. persons without an SSN or ITIN may be able to submit a non-expired foreign passport, as long as the passport number is entered in the system.

🏢 For Business Investors

Investors setting up a business account will need to verify both the business entity and its key individuals (beneficial owners and controllers).

✅ To verify the business:

They will ask for one of the following, based on the information they can’t verify:

• IRS EIN Letter (SS-4 Confirmation)
• Filed and stamped Articles of Organization or Incorporation
• Certificate of Good Standing
• Business License
• Fictitious Business Name Statement (DBA)
• Certificate of Assumed Name
• Sales/Use Tax License
• Registration of Trade Name

🧾 To verify controllers/beneficial owners:

Each individual must provide one of the following non-expired IDs:

• U.S. Driver’s License or Identification Card
• U.S. Passport
• U.S. Visa
• Federal Employment Authorization Card
• Foreign passport (if no SSN/ITIN, and number must be entered)

Note: Sole proprietors may be asked to provide both business and personal identification.

If Dwolla’s Compliance team is unable to find an external connection to confirm business investor does in fact conduct business at their provided business address, they will require, “proof of address.” Proof of address are any of the following, current documents that show the address in question:

• Utility Bill
• Financial Statement
• Tax Statement
• Fully Executed Lease Agreement - must be valid for a minimum of the next 30 days.

📸 Best Practices for Document Uploads

To avoid delays or rejections, documents must meet the following standards:

• Only include images of the front of the ID
• Ensure all four edges of the document are visible
• Use a dark, high-contrast background
• The document should cover at least 90% of the image
• Use a resolution of 300dpi or higher
• Capture the image directly from above, properly aligned
• Do not use flash, to avoid glare
• No black-and-white images
• Do not submit expired IDs