Toronto-based Dream Payments, which provides a cloud-based mobile point-of-sale solution, announced the opening of an innovation hub in Moncton, New Brunswick.
The hub, called the Centre of Excellence, is Dream Payments’ first Canadian office outside of Toronto.
Dream Payments said the new hub will support the company’s growth both in the Canadian and US markets, and house the majority of its technical team — including existing senior employees who have immigrated to Canada from offices in Russia and Vietnam. Dream Payments is headquartered in Toronto, and also has operations in Stamford, Connecticut.
Brent Ho-Young, CEO of Dream Payments, said the company has been working with economic development corporation Opportunities New Brunswick (ONB) over the last eight months to establish the new Centre of Excellence in Moncton.
“The province has done a fantastic job in establishing a vibrant tech community and nurturing innovative, like-minded companies.”
“Transitioning our offshore teams to Canada was a very sensitive undertaking. We evaluated many locations across the country and we’re thrilled to have found a home for our new Centre of Excellence in Moncton,” said Brent Ho-Young, CEO of Dream Payments. “The province has done a fantastic job in establishing a vibrant tech community and nurturing innovative, like-minded companies. We know that Moncton is the right place for us to invest, grow, and succeed.”
Dream Payments noted that Frank McKenna, deputy chairman of TD Bank and former premier of New Brunswick, will cut the ribbon at the official opening ceremony of the new hub. Other guests will include Moncton Mayor Dawn Arnold, representatives of ONB, and Ho-Young.
“We are delighted to welcome Dream Payments to New Brunswick,” said Stephen Lund, CEO of ONB. “Dream Payments is the first FinTech company attracted to New Brunswick by ONB. We know the company’s unique and innovative technology will add to the already robust financial services sector.”
Dream Payments’ offering enables businesses to sell from anywhere and accept payments from any tablet or mobile device (iOS or Android). In March of this year, Dream Payments closed a $10 million Series A round, with plans to use the funding to expand Dream Payments’ cloud solution in the US. 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, Dream Payments raised $6 million from Blue Sky Capital, Real Ventures, and Rouge River Capital.