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08/02/2022

GrubMarket Acquires IOT Pay

Food tech/e-commerce provider enters financial services sector
Bridget Goldschmidt
Managing Editor
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GrubMarket will employ IOT Pay’s technology and payments infrastructure to address the food supply chain's increasing need for faster, more flexible and more robust digital payment and financing options.

Food tech company and e-commerce provider GrubMarket has completed its latest acquisition: that of Vancouver, British Columbia-based IOT Pay, a fintech company that provides omnichannel payment services that enables merchants to accept payments both in-store and online globally. GrubMarket will employ IOT Pay’s technology and payments infrastructure to address the food supply chain industry’s increasing need for faster, more flexible and more robust digital payment and financing options.

IOT Pay’s payment platform currently powers thousands of North American retailers, including online food delivery platforms, emerging online courier platforms in Canada, and offline merchants such as H Mart. Its services include point-of-sale terminals, mobile payments, e-commerce, cross-border payments, customer relationship management and order management software. The company is also rolling out an innovative digital banking system, which will provide B2B financial solutions for small and medium-sized merchants. Following the acquisition by GrubMarket, the business will continue to be managed by its current leadership team.

“We work with many companies in the foodservice and grocery space and have seen firsthand how impactful it is to build effective fintech solutions for one of the oldest industries in the world,” said IOT Pay founder and CEO Leo Chen. “GrubMarket originally invested in us to help accelerate our vision to be a top payments solution provider. Now, we are thrilled to join the GrubMarket team and deeply integrate with GrubMarket's best-in-class e-commerce and software ecosystem to create more value with our payment solutions and financial services for companies operating throughout the food supply chain.”

Added Mike Xu, CEO of San Francisco-based GrubMarket: “This is a huge milestone in GrubMarket's history. It reminds me of the old days, when eBay acquired PayPal. Every great e-commerce company has offered seamless payments solutions to their customers, and we have now acquired the capability to do so as well. Leo and the IOT Pay team have done a wonderful job building a leading fintech company validated by thousands of top-tier customers. Millions of transactions have been completed through IOT Pay’s products. Their robust payments platform and new digital banking solution will be a game changer for produce wholesalers, who will be able to access credit card solutions for offline payments and digital banking services. We will also be expanding our proprietary ERP [enterprise resource planning]system, WholesaleWare, with the introduction of a new payments module. We look forward to broadening our software and services offerings to bring more value to our suppliers and customers.”

IOT Pay’s fintech and payments offerings will be integrated into GrubMarket’s e-commerce and software product family, which, as Xu noted, already includes the WholesaleWare software suite, the company’s software-as-a-service platform that provides food industry wholesalers and distributors with financial management, sales and online ordering features, inventory management, lot traceability, grower accounting, and automated routing and logistics, in addition to Orders IO, GrubMarket’s custom branded mobile e-commerce solution.

GrubMarket currently operates in all 50 U.S. states; the Canadian provinces of Ontario and British Columbia; The South American countries of Argentina, Chile and Colombia; India; Mexico; South Africa; and Spain, with plans to expand to other parts of the world.

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