On Tuesday, Toronto’s cloud-based mobile payment platform Dream Payments announced it was named the winner of the global investment challenge for fintech and digital health companies, VentureClash. The event was held on October 20th at Yale University. The company stated it was among almost 200 contenders that participated.
The company was presented to a broad judging panel of venture capitalists and innovation experts from firms, Canaan Partners, Kepha Partners, OAK HC/FT and Point72 Ventures, who selected Dream Payments from more than ten other finalists from the U.S., Belgium, England, France, Hong Kong, Ireland and Israel. It received $1.5 million that will help further the growth of its market share and accelerate its entry into the U.S.
VentureClash was developed by Connecticut Innovations (CI), which provides venture financing and ongoing support for innovative companies in Connecticut. Matt McCooe, CEO of Connecticut Innovations, stated:
“VentureClash 2016 began with a pool of close to 200 very promising companies and ended up selecting the 11 best as finalists. Dream Payments had a clear business model, an excellent growth plan and a fantastic team, which garnered them first place in our global challenge. We look forward to helping Dream Payments establish their presence in the U.S. and facilitating a soft landing for them in Connecticut.”
Brent Ho-Young, CEO of Dream Payments, added:
“It is an honour to be the winner of VentureClash as the caliber of finalists was incredibly strong. This is a significant milestone for Dream Payments as it further validates Dream’s market approach and position as an emerging global fintech leader. CI is a tremendous platform to help accelerate our move to becoming a world-class leader in our industry. Their work is also really bolstering Connecticut as a global innovation hub.”