Dream Payments, a next generation mobile payment platform, today announced that it has raised $6.0 million in funding from Canada's leading early stage fintech venture capital and private equity firms. Institutional investors included Blue Sky Capital, Real Ventures, and Rouge River Capital.
The Dream Payments platform powers merchant commerce and enables merchants of all sizes to use mobile point of sale (mPOS) terminals to accept all forms of payments including magstripe, EMV credit and debit cards, and Apple Pay. The Dream mobile point of sale terminal works with existing iOS or Android smartphones, tablets or integrates with traditional point of sale systems. The solution also provides merchants a comprehensive dashboard with in-depth sales and inventory reporting as well as actionable analytics and customer insights.
Merchant acquirers can license the platform to provide their end merchants with mobile point of sale and mobile payment processing solutions. Dream Payments is also opening up its Software Development Kit (SDK) to third party developers to extend and deliver value-added services to the Dream Payments' ecosystem.
"Merchants and merchant acquirers of all sizes need affordable, secure, and EMV mobile point of sale terminals and payment processing services," said Brent Ho-Young, CEO of Dream Payments. "Dream is transforming commerce and the payment process for merchants through mobility. This funding is providing a foundation for us to launch the business and role out our solutions to merchants across North America."
"Dream is bringing to market a new approach to the payment industry that is a perfect fit for transforming the mobile payment market," said Janet Bannister, General Partner of Real Ventures and newly appointed Director for Dream. "The experienced team with the comprehensive payments platform and secure mobile technology combined with its go-to-market approach its poised for winning success."
The company was founded in July 2014 and was the IVIE award winner for the Canadian Payments Benefiting Acquirers Innovation Award by ACT Canada in the fall of 2014. The company is led by senior industry executives including Brent Ho-Young as CEO, Alex Walker as CFO, Anant Tailor as COO and Long Van as Cas CTO.