Dream Payments provides a cloud-based payment platform and low-cost point-of-sale device for mobile payments. The company presented at the Finovate conference today, and we had the opportunity to see the device in action.

Similar to other mobile POS devices in that it allows merchants and service providers to accept payments anywhere via mobile, the Dream Payments Device differentiates itself in that its tap and Chip/PIN hardware is not plugged directly into a mobile phone. Instead, the company provides a small, low-cost device that communicates with the user’s iOS or Android smartphone, tablet, or integrates with a traditional POS system via BlueTooth. According to the company, the system is secure, and EMV compliant.

In addition, the Dream Payments solution provides merchants with a mobile app, a comprehensive dashboard with in-depth sales and inventory reporting as well as analytics, transaction management, customer insights, and settlement / debit management. It accepts both Contactless Tap and Chip/PIN cards.

Christian Ali, Dream Payments VP of Business Development presented the system, which is available to Merchant Acquirers that wish to offer mobile point of sale and mobile payment processing solutions to their end customers by licensing the Dream Payments platform. Dream Payments is also opening up its Software Development Kit (SDK) to third party developers to extend and deliver additional services to the Dream Payments’ ecosystem.

According to Crunchbase, the Toronto-based company recently received $6 million from Rouge River Capital, Real Ventures. and Blue Sky Capital. The funds will help the company with its planned roll-out to the U.S. market.