Cloud payments service Dream Payments has raised $10m in a Series A round led by FairVentures – the innovation investing arm of Fairfax Financial Holdings.
The Toronto-based company operates a payments cloud that powers transactions between mobile devices and the internet of things (IoT).
Connecticut Innovations, Real Ventures and a group of angel investors also participated.
Dream Payments partners with financial institutions to enable them to offer its payments-as-a-service platform to business customers.
The company claims it saw more than 30% month growth in 2016 with millions of dollars in transactions processed by thousands of merchants across Canada.
Dream Payments CEO Brent Ho-Young said: “The business world is rapidly transitioning to mobile commerce, which is translating into growing demand for our payments cloud, applications and services.
“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 company says it will use the capital to enter the US market as well as accelerate its third-party app ecosystem and the company’s continued growth in Canada.
Ho-Young added: “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.”
The round brings Dream’s total funding to $17.5m with Connecticut Innovations leading a $1.5m round in the company in December.
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