San Francisco, Aug, 3, 2022: GrubMarket today announced it had completed the acquisition of Vancouver, Canada-based IOT Pay, a 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.