Dream Payments Secures $10-Million to Expand Payments Cloud Across the U.S.
Today, I’m excited to share some news that will enable Dream Payments to grow and better serve the needs of our business customers, partner financial institutions, and third party application providers.
As announced today, we have successfully raised a $10-million investment round (“Series A”) to propel the growth of our business. In doing so, we welcome new investors to the Dream Payments family, including FairVentures Inc, the innovation investing arm of Fairfax Financial Holdings Limited, which led the financing round.
Connecticut Innovations (CI), a prominent venture capital investor based in Connecticut, also participated in our financing and is our very first U.S.-based VC partner. Real Ventures and a prominent group of strategic and angel investors were also key participants in the financing.
The $10-million capital infusion will fund our continued growth in Canada, the expansion of Dream’s payments cloud into the United States and the acceleration of Dream’s third party app ecosystem. The funding will also allow us to continue adding new product features that our business customers have requested such as enabling discounts, the ability to accept Interac Flash and keyed entry.
As a business that relies on Dream for its mobile payment solutions and third party enabled, value-added services, you can expect more services to be rolled out in future that will help drive both your efficiency and your continued success.
For example, we recently launched the integrated Dream Payments-QuickBooks cloud accounting service. This service enables your payment transactions to automatically integrate and reconcile into your QuickBooks accounting software. You can also use it to easily manage all aspects of your Dream Payments service, including your product catalogue, inventory and tax configuration through the QuickBooks software. And, you can do everything any time, any place and from any device.
As a merchant, the Dream Payments-QuickBooks accounting solution represents our vision to enable you to accept payments and help manage all aspects of your business, including accounting, analytics and more. The launch of this service has gone extremely well and Intuit is sharing news of the integration with its base of business customers across Canada. You can learn more about how the integration can benefit your business in the announcement from Intuit.
Future third-party app integrations are expected to include leading retail point-of-sale (POS) systems that are specialized for various industry verticals and deliver robust capabilities such as inventory management, customer loyalty programs, offers and rewards. This is a key differentiator for Dream Payments and yet another way that we are looking to add value and help your business prosper.
The financing will also help us expand our payments cloud and processing services from Canada to the United States. We believe that the U.S. market gives us the opportunity to empower business owners and transform mobile commerce south of the border with our trusted solutions. To that end, we are deeply committed to a rapid launch in the U.S. We’ve already made some significant strides, including opening our first U.S. office in Stamford, Connecticut. This has generated some impressive media coverage, including an article published by Hearst, one of the largest, most diversified media companies in the world.
If you are already processing your sales using Dream Payments, thank you for the trust and support you have placed in our company. We promise to continue bringing you the mobile POS applications, next-generation payment terminals and value-added services that you need to thrive in your market, regardless of the industry or size of your business. For those who need a Dream solution, we are here to help.
The Dream Team