GrubMarket Acquires IOT Pay to Enter Financial Services Sector for US Food Supply Chain Industry

GrubMarket acquires IOT Pay, a leading online payments and fintech company that enables businesses to drive commerce growth with omnichannel payment solutions, deliver better financial services to businesses in the food supply chain such as than wholesalers and distributors across North America.

SAN FRANCISCO, August 2, 2022 /PRNewswire/ — GrubMarket today announced that it has completed the acquisition of Vancouver, CanadaIOT Pay, a leading fintech company that provides omnichannel payment services enabling merchants to accept in-store and online payments globally. GrubMarket will leverage IOT Pay’s payment technology and infrastructure to meet the food supply chain industry’s growing need for faster, more flexible and robust digital payment and finance opportunities.

Founded in 2018 by a fintech veteran Leo ChenIOT Pay’s payment platform now powers thousands of notable merchants across all industries North Americaincluding popular online food delivery platforms from North Americaemerging online messaging platforms from Canadaand offline merchants such as BMW, Mercedes Benz, Arby’s, HMart, Sungiven Foods, Rolex, etc. Today, IOT Pay facilitates tens of thousands of transactions every day and hundreds of millions of dollars in transaction value per year. IOT Pay has built a comprehensive fintech ecosystem that includes services such as POS terminals, mobile payments, e-commerce, cross-border payments, CRM, and order management software. IOT Pay is also launching an innovative digital banking system, which will provide superb B2B financial solutions to small and medium merchants. After the acquisition, the business will continue to be managed by its current management team.

“We work with many companies in the restaurant and grocery industry and have seen how important it is to create effective fintech solutions for one of the oldest industries in the world. GrubMarket initially invested in us to help us accelerate our vision to be one of the best payment solutions provider. Now we are excited to join the GrubMarket team and integrate deeply into the leading software and e-commerce ecosystem of GrubMarket to create more value with our payment solutions and financial services for businesses operating across the food supply chain,” said Leo Chenfounder and CEO of IOT Pay.

According Mike XuGrubMarket CEO: “This is a milestone in the history of GrubMarket. It reminds me of when eBay acquired PayPal. Every major e-commerce company has offered seamless payment solutions to their customers, and we have now gained the ability to do so. Leo and the IOT Pay team have done a tremendous job building a leading fintech company validated by thousands of leading customers. Millions of transactions have been made via IOT Pay’s products Their robust payment platform and new digital banking solution will be a game changer for product wholesalers who will be able to access credit card solutions for offline payments and digital banking We will also be expanding our proprietary ERP system, WholesaleWare, with the introduction of a new payment module.We look forward to expanding our software. skies and service offerings to bring more value to our suppliers and customers.”

IOT Pay’s financial technology and payment offerings will be integrated into GrubMarket’s family of e-commerce and software products, which already includes the innovative and proprietary software suite WholesaleWare, the software-as-a-service platform of the company that provides wholesalers and distributors in the food industry with transparent financial management, powerful online sales and ordering functionalities, precise inventory management, batch traceability, producer accounting and automated routing and logistics , as well as Orders IO, GrubMarket’s custom mobile e-commerce solutions.

About GrubMarket

Founded in 2014, GrubMarket is a San Franciscobased on food technology operating in the area of ​​food supply chain e-commerce for commercial customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the US food supply chain and world. Currently, GrubMarket operates in all 50 US states; Ontario and British Columbia (Canada)); Argentina, Chileand Colombia (South America); India, Mexico, South Africaand Spainwith the intention of expanding to the rest of the United States, Canada, South Americaand other parts of the world.

For media inquiries:

GrubMarket Media Team
[email protected]
(510) 556-4786

SOURCE GrubMarket


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