Toronto-based Dream Payments, which provides a cloud-based mobile point-of-sale solution, announced the close of a $10 million Series A.
The Series A was led by FairVentures, the innovation investing arm of Fairfax Financial Holdings, Connecticut Innovations (CI), and Real Ventures, with participation from angel investors. The company plans to use the funding to expand Dream Payments’ cloud solution in the US, accelerate its third-party app ecosystem, and continue growth in Canada.
In December 2016, the company raised $1.5 million through the Connecticut Innovations pitch competition,
“This funding, along with ongoing partnerships with established players like TD Merchant Solutions, Intuit Quickbooks, and TruShield Insurance, propels Dream into the American market at a perfect time to serve the critical needs of businesses that are struggling to support emerging payment technologies like mobile wallets, CHIP cards, and contactless payments,” said Brent Ho-Young, the CEO of Dream Payments.
Dream Payments’ offering enables businesses to sell from anywhere and accept payments from any tablet or mobile device (iOS or Android). In December 2016, the company raised $1.5 million through the Connecticut Innovations pitch competition, and announced plans to open a Connecticut office. In May 2016, the company raised $6 million from Blue Sky Capital, Real Ventures, and Rouge River Capital.
“The CI team has tremendous confidence in Dream Payments and its ability to transform mobile commerce across a number of industries in the US,” said Matt McCooe, CEO of Connecticut Innovations. “Dream has a unique go-to-market strategy and product offering. We spoke with a number of businesses and financial institutions partnering with Dream, all of whom were committed to their cloud-based payments offerings. We are excited to support Dream as it expands its team here in Connecticut, grows its financial institution partnerships and increases its merchant base.”
Dream Payments also recently announced an integration with QuickBooks enabling business owners to accept CHIP and PIN payments, better manage their cash flow, and gather business analytics.