Connecticut has finalized the terms of its $1.5 million investment in a Canadian mobile-payments vendor who plans to open its first U.S. office in the state.
Connecticut Innovations, the state’s technology-investment arm, said Thursday the investment will fuel growth of Toronto-based Dream Payment’s market share and hasten its entry into the U.S.
“This company has a strong leadership team and we look forward to supporting the company’s expansion in the U.S. market,” CI CEO Matt McCooe said in a statement.
CI spokeswoman Lauren Carmody said Dream is eyeing potentially opening a Stamford office with about 10 workers sometime in the first quarter of 2017.
Dream emerged in October as top winner of CI’s VentureClash equity competition, which resulted in the investment.
“The U.S. market is experiencing a major shift toward mobile commerce creating dramatic demand for Dream’s platform,” Dream Payments CEO Brent Ho-Young said in a statement. “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.”
Dream Payments officials could not be immediately reached Thursday for comment.
VentureClash is the state’s $5 million global venture challenge managed CI. It drew, CI said, nearly 200 applicants and culminated with a finals event on Oct. 20, at the Yale School of Management in New Haven.
Dream Payments was one of 11 finalists that presented to a broad judging panel of venture capitalists and innovation experts from leading firms – including Canaan Partners, Kepha Partners, OAK HC/FT and Point72 Ventures.
Dream’s business model is providing, in partnership with financial institutions, mobile point-of-sale applications, mobile payment terminals, remote device management, customer onboarding and secure payment processing.
