Cash continues to flow into Canadian startups. The latest is Toronto-based Dream Payments who has secured $6 million in funding, led by Blue Sky Capital, Real Ventures, and Rouge River Capital. Dream Payments was founded July 2014 and is led by CEO Brent Ho-Young, CFO Alex Walker, COO Anant Tailor, and CTO Long Van.
Dream Payments is a FinTech company that builds a mobile point of sale (mPOS) platform to enable businesses to accept payments — cash, credit card, debit, or Apple Pay — from any tablet or mobile device (iOS or Android). While its product is expected to be available in “early 2015,” Dream Payments has already been recognized within the industry and was awarded the IVIE award by ACT Canada last fall.
The funding will assist Dream Payments to officially launch its business across North America.
Brent Ho-Young, CEO of Dream Payments, said, “Merchants and merchant acquirers of all sizes need affordable, secure, and EMV mobile point of sale terminals and payment processing services. Dream is transforming commerce and the payment process for merchants through mobility.”
Janet Bannister, General Partner of Real Ventures, stated, “Dream is bringing to market a new approach to the payment industry that is a perfect fit for transforming the mobile payment market. The experienced team with the comprehensive payments platform and secure mobile technology combined with its go-to-market approach its poised for winning success.”
Dream Payments is taking on the heavyweights within the market, such as Square, but with the promise of no sign-up, monthly, or refund fees and next business day deposits for merchants. However, in an email to us, Dream Payments said they will charge merchants credit card transactions fees of 2.75%, and $0.25 debit card fee. Merchants will have to download the Dream Payments Terminal and associated app to accept payments.