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GrubMarket Enters Financial Services Sector With Acquisition of IOT Pay; Mike Xu and Leo Chen Comment

GrubMarket Enters Financial Services Sector With Acquisition of IOT Pay; Mike Xu and Leo Chen Comment


SAN FRANCISCO, CA
Wednesday, August 3rd, 2022

Not too long ago, we reported on GrubMarket’s acquisition of business intelligence solutions provider QBIX Analytics. Now, it looks like the wholesaler is continuing to bolster its technological strength as news surfaced of a new acquisition. The company recently unveiled the purchase of Vancouver, Canada-based IOT Pay, a leading fintech company that provides omnichannel payment services.

Mike Xu, Chief Executive Officer, 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 [Chen] 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,” said Mike Xu, Chief Executive Officer of GrubMarket. “We will also be expanding our proprietary ERP 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.”

With this acquisition, GrubMarket is seeking to bring faster, more flexible, and more robust digital payment and financing opportunities to the food supply chain.

GrubMarket has unveiled the completed acquisition of IOT Pay, a leading fintech company that provides omnichannel payment services

As noted in a recent press release, IOT Pay has built a comprehensive fintech ecosystem that includes services such as POS terminals, mobile payments, e-commerce, cross-border payments, CRM, and order management software. In addition, the tech-forward company is also rolling out an innovative digital banking system, providing B2B financial solutions for small and medium-sized merchants.

Following the acquisition, IOT Pay will continue to be managed by its current leadership team.

Leo Chen, Founder and Chief Executive Officer, IOT Pay“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 Leo Chen, Founder and Chief Executive Officer of IOT Pay. “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.”

To read more about this acquisition, click here.

Deli Market News will keep an eye on the wire to report on the latest.

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