Fintech company Dream Payments, a payment cloud operator for mobile devices and the Internet of Things, has closed a $10 million Series A round led by FairVentures. Connecticut Innovations, Real Ventures and a group of angel investors also participated. The funds are devoted to U.S. and Canadian growth and third party app ecosystem development.
Canadian businesses use the Dream Payments Cloud to access cloud-based mobile point of sale and payment services. Dream Payments said its gross payment processing volume is growing by 30 per cent per month.
“The business world is rapidly transitioning to mobile commerce, which is translating into growing demand for our payments cloud, applications and services,” Dream Payments CEO Brent Ho-Young said. “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.”