The round was led by FairVentures, the innovation investing arm of Fairfax Financial Holdings. Connecticut Innovations, Venture Capital Firm of the Year 2016 Real Ventures, and a group of angel investors were also participants.
The capital will fund the expansion of Dream’s payments cloud into the US and the acceleration of Dream’s third party app ecosystem, according to the startup.
The Dream Payments Cloud is used by businesses to access Dream-powered, cloud-based mobile point of sale and payment services, enabling them to sell everywhere and accept all payments using mobile devices.
“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. “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 US,” said Matt McCooe, CEO of Connecticut Innovations.
“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, of Dream.