GrubMarket acquires FinTech IOT Pay
GrubMarket has acquired Vancouver-based FinTech IOT Pay, according to a press release Tuesday (August 2). The acquisition will allow the company to use IOT Pay’s technology and payment infrastructure to streamline the food supply chain industry as it pushes for more flexible digital payment and financial options.
The IOT Pay platform powers thousands of North American merchants, including several online food delivery platforms, online courier platforms across Canada and offline merchants, such as BMW, Mercedes Benz, Arby’s, HMart, Sungiven Foods and Rolex.
The company manages tens of thousands of daily transactions through point of sale terminals, mobile payments, e-commerce, cross-border payments, CRM and order management software, the joint press release states.
“We work with many companies in foodservice and grocery and have seen firsthand how impactful it is to build effective FinTech solutions for one of the oldest industries in the world,” said Leo Chen, Founder and CEO of IOT Pay. “GrubMarket originally invested in us to help accelerate our vision to be a top payment solutions provider.
“Now we are excited 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,” he said.
IOT Pay also plans to roll out a digital banking system with B2B financial solutions for small and medium-sized enterprises (SMEs).
“This is a major milestone in GrubMarket’s history,” said GrubMarket CEO Mike Xu. “It reminds me of the old days when eBay bought PayPal. All major e-commerce companies have offered seamless payment solutions to their customers, and now we have the opportunity to do so as well.”
Related: B2C Food Platform GrubMarket Nets $60M, Eyes IPO
In October 2020, GrubMarket raised $60 million in its Series D fundraising round, led by BlackRock, Reimagined Ventures, Trinity Capital Investment and many others.
GrubMarket works in a B2C role where it ships goods to individuals, and also a B2B role by supplying grocery stores, meal kit startups and other companies.
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