Mobile payments platform for businesses Dream Payments has picked up $1.5m in a new round of funding led by Connecticut Innovations (CI).
Toronto-based Dream Payments offers mobile-connected point-of-sale devices that allow merchants to accept card payments.
It also provides an application to help users manage their businesses as well as tool such as reporting and analytics.
The company will use the capital to expand into the US market where it will establish a 10-person strong Connecticut office.
Dream Payments will compete with Twitter-founder Jack Dorsey’s fintech startup Square in the US market and Swedish mobile card reader iZettle in Europe.
The capital comes as part of CI’s VentureClash competition, which saw Dream top come out on top of 200 applicants.
Dream Payments CEO Brent Ho-Young said, “The U.S. market is experiencing a major shift toward mobile commerce creating dramatic demand for Dream’s platform.”
“We are thrilled to enter the U.S. market with the support of the State of Connecticut, which provides us strategic advantages in terms of proximity to our customers and partners such as CI, and access to a rich pool of specialized talent.”
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