Dream Payments, the FinTech based in Toronto, has raised more funding with Fairfax Financial Holdings, investing $5 million in a $10 million Series A round of financing.
According to a report, in addition to securing the new funding, Dream Payments is rolling out a partnership with JPMorgan Chase later this month as it aims to partner with traditional financial services companies, rather than be their enemy.
In addition to FairFax, other investors in the round of funding include previous investor Real Ventures and the Connecticut state government’s innovation-funding arm. It had awarded Dream Payments with $1.5 million in the form of an equity investment after winning a state pitch contest in 2016.
Dream Payments isn’t the only FinTech to announce new funding. Earlier this week, Qapital, the FinTech startup, raised $12 million in venture funding to expand its app that enables users to make goals and save money to reach those goals. A report in TechCrunch stated the FinTech startup’s Series A round of funding comes from investors, including Industrifonden, Northzone, Rocketship VC and Anthemis Exponential Ventures.
With the app, users can integrate their checking, savings and credit card accounts, so in addition to setting financial goals, they can stay on top of their finances. TechCrunch reported the funding will help increase the number of traditional banking features.
The startup’s move to expand with the new funding is also part of a movement in the FinTech space in which a handful of startups are looking to expand beyond what they are already offering. Many FinTechs started out focusing on narrow features and functionality, but by offering more features, they are becoming more like big financial services companies.