Connecticut Innovations closes $1.5M Dream Payments investment

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By Ted Liu

Connecticut Innovations (CI) in December 2016 announced the close of a US $1.5 million investment in Dream Payments Corp., a Toronto based financial technology (fintech) company that provides a cloud-based mobile payment platform for merchants and financial institutions.

The CI investment will help to further fuel the growth of Dream’s market share and accelerate the company’s entry into the United States.

Dream Payment intends to create up to 10 employee positions in Connecticut and will look to add a business development professional to help assist with its U.S. growth plans.

CI investment was structured in two tranches by way of a US $[mepr-active rule=”374″ ifallowed=”hide”]##subscriber ONLY content##[/mepr-active][mepr-active rule=”374″]1 million in convertible promissory note disbursed at closing on November 23, 2016 and US $500,000 in Series A shares closed on February 9, [/mepr-active]2017.

Founded in July 2014, Dream Payments raised $6.0 million in funding from Blue Sky Capital, Real Ventures, and Rouge River Capital in March 2015.

Janet Bannister, General Partner of Real Ventures, Claude Germain, Managing Partner of Rouge River Capital, and John Mcvey sit on Dream Payment board along with CEO Brent Ho-Young and CFO Alex Walker.

photo credit: Dream Payments