GrubMarket acquired IOT Pay, enabling omnichannel payment solutions for North America’s food supply chain business.
IOT Pay currently powers North America and Canadian food delivery and courier platforms, including BMW, Mercedes Benz, Arby’s, and more. The comprehensive fintech ecosystem provides POS terminals, mobile payments, eCommerce, cross-border payments, CRM, and order management software. It will soon launch an innovative digital banking system for B2B merchants.
“We work with many companies in the food service 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 Leo Chen, founder, and CEO of IOT Pay.
“Every great eCommerce company has offered seamless payments solutions to their customers, and we have now acquired the capability to do so as well,” claims Mike Xu, CEO of GrubMarket, “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 system, WholesaleWare, with the introduction of a new payments module.”
GrubMarket will incorporate IOT Pay’s tech into its eCommerce and software products. Its software-as-a-service platform provides food industry wholesalers and distributors with seamless financial management, sales, online ordering features, inventory management, IoT traceability, grower accounting, and automated routing and logistics. Additionally, they offer Orders IO and custom-branded mobile eCommerce solutions.