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IOT Pay, which is used by over 4,000 retailers in North America, provides payment solutions for a number of sectors and across borders at a lower rate than other payment solutions.
FREMONT, CA: GrubMarket has led the Series A funding in IOT Pay, a provider of omnichannel payment solutions, enabling merchants to accept omnichannel payment (in-store and online) on a global scale. IOT Pay, which is used by over 4,000 retailers in North America, provides payment solutions for a number of sectors and across borders at a lower rate than other payment solutions.
GrubMarket intends to use IOT Pay's solution in its e-commerce and WholesaleWare tech offerings. GrubMarket's proprietary WholesaleWare software suite is a Software-as-a-Service platform that provides streamlined financial management, simple online ordering and sales, precise inventory management, and engaging CRM tools to food industry suppliers and vendors. As part of the deal, Genevieve Wang, Chief Software Officer at GrubMarket, will join the board of IOT Pay.
By speeding up the payment process, GrubMarket hopes to benefit both consumers and the company's bottom line. "This investment will allow us to offer our communities new tools and added flexibility to reduce transaction friction and do more business with our customers, producers and logistics partners. We look forward to bringing more value to our stakeholders, our suppliers and our customers," stated Mike Xu, CEO of GrubMarket.
"We are thrilled to join the GrubMarket network and expand our reach to their ecosystem. GrubMarket's technology brings industry-leading tools for the American food supply chain. This partnership allows us to collaborate and offer a more comprehensive suite of products and services to GrubMarket's constituencies." stated Leo Chen, CEO of IOT Pay.