Toronto based payment cloud operator Dream Payments has raised $10m in Series A funding led by FairVentures Inc. The capital infusion will fund the expansion of Dream's payments cloud into the U.S., the acceleration of Dream's third party app ecosystem and the company's continued growth in Canada.
The Dream Payments Cloud (Dream Cloud) is used by businesses of all sizes across Canada to access Dream-powered, cloud-based mobile point of sale (MPOS) and payment services, enabling them to sell everywhere and accept all payments using mobile devices. Dream's approach is unique for a fintech, as it partners with leading financial institutions to enable them to use the Dream "Payments-as-a-Service" Platform to deliver mobile payment solutions to their business customers. This approach has driven Dream's exponential growth in 2016, with gross payment processing volume (GPV) growing more than 30 per cent monthly -- reaching millions of dollars in transactions processed by thousands of merchants nationwide.