GrubMarket announced it has completed the acquisition of Vancouver, Canada-based IOT Pay, a leading fintech company that provides omnichannel payment services that allow merchants to accept payments both in-store and online on a global scale. GrubMarket will leverage IOT Pay’s technology and payments infrastructure to address the food supply chain industry’s accelerating need for faster, more flexible, and more robust digital payment and financing opportunities.
Founded in 2018 by fintech veteran Leo Chen, IOT Pay’s payment platform now powers thousands of notable merchants across industries in North America, including popular online food delivery platforms of North America, emerging online courier platforms of Canada, and offline merchants such as BMW, Mercedes Benz, Arby’s, HMart, Sungiven Foods, Rolex, and more. Today, IOT Pay facilitates tens of thousands of transactions each 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, eCommerce, 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 for small and medium-sized merchants. After the acquisition, 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. 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 eCommerce and software ecosystem to create more value with our payment solutions and financial services for companies operating throughout the food supply chain,” said Leo Chen, founder and CEO of IOT Pay.
According to Mike Xu, CEO of GrubMarket: “This is a huge milestone in GrubMarket’s history. It reminds me of the old days when eBay acquired PayPal. Every great eCommerce 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 system,