March 8, 2017
Dream Payments closes $10 million Series A round to expand payments cloud in the U.S.
FairVentures, Connecticut Innovations and Real Ventures among investors in leading fintech innovator
TORONTO, ON -- Dream Payments has announced the closing of a $10 million Series A financing round. The round was led by FairVentures Inc, the innovation investing arm of Fairfax Financial Holdings Limited. Connecticut Innovations (CI), Real Ventures and a prominent group of angel investors were also key participants in the financing. The capital infusion will fund the expansion of Dream's payments cloud into the U.S., the acceleration of Dream's third-party app ecosystem and the company's continued growth in Canada.
The Dream Payments Cloud (Dream Cloud) is used by businesses of all sizes across Canada to access Dream-powered, cloud-based mobile point of sale (MPOS) and payment services, enabling them to sell everywhere and accept all payments using mobile devices. Dream's approach is unique for a fintech, as it partners with leading financial institutions to enable them to use the Dream "Payments-as-a-Service" Platform to deliver mobile payment solutions to their business customers. This approach has driven Dream's exponential growth in 2016, with gross payment processing volume (GPV) growing more than 30 per cent monthly -- reaching millions of dollars in transactions processed by thousands of merchants nationwide.
"The business world is rapidly transitioning to mobile commerce, which is translating into growing demand for our payments cloud, applications and services," says Brent Ho-Young, chief executive officer of Dream Payments. "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. Dream's explosive growth is proof that emerging fintechs and leading incumbent financial services providers can partner and collaborate to deliver innovative mobile payment solutions that meet the demands of businesses of all sizes."
"The CI team has tremendous confidence in Dream Payments and its ability to transform mobile commerce across a number of industries in the U.S.," 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."
Beyond payment processing, Dream recently expanded its payment cloud and application ecosystem to include a deep integration with Intuit QuickBooks, enabling business owners to accept payments, instantly reconcile sales transactions and access business insights at any time or place from any device through the cloud.
"As an early investor, it has been thrilling to see Dream Payments have such a transformational year. They are experiencing exceptional growth as the only payments cloud powering mobile commerce for the leading North American financial institutions," said Janet Bannister, General Partner of Real Ventures.