GrubMarket, a software-as-a-service provider in food e-commerce, announced it led the Series A funding in IoT Pay. IoT Pay is a provider of omnichannel payment solutions, enabling merchants to accept omnichannel payment (in-store and online) on a global scale. So far, more than 4,000 merchants in North America are using IoT Pay.
IoT Pay offers payment solutions for various industries and across borders at a more regional price than other payment solutions.
GrubMarket has decided to offer IoT Pay’s solution as part of its e-commerce and WholesaleWare software products. The WholesaleWare software suite is GrubMarket’s proprietary Software-as-a-Service platform facilitating food industry suppliers and vendors with manage financial management smoothly, precise inventory management, easy-to-use online ordering and sales, and engaging CRM (Customer Relationship Management) tools.
GrubMarket’s Chief Software Officer, Genevieve Wang, will soon be joining IOT Pay’s board as part of the transaction.
By investing in IoT Pay, GrubMarket plans to speed up the payment process to help consumers and enterprises.
“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,” said Mike Xu, CEO, Founder, President at GrubMarket Inc.
“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.” said Leo Chen, CEO of IoT Pay Technologies Inc.