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April 30, 2021

GrubMarket teams up with IOT Pay to enhance payment experience

By Shalini mani

San Francisco-based food technology startup GrubMarket has partnered with omnichannel payment provider IOT Pay to enhance its food supply chain ecosystem and payment experience.

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The tie-up follows GrubMarket’s strategic investment in IOT Pay’s Series A funding round, which it also led. The size of the investment has not been revealed.

As part of transaction, GrubMarket chief software officer Genevieve Wang will join IOT Pay’s board.

GrubMarket intends to offer IOT Pay’s solution as part of its e-commerce and WholesaleWare software offering.

GrubMarket’s proprietary WholesaleWare software suite provides financial management, online ordering and sales, precise inventory management, and engaging CRM tools to food industry suppliers and vendors with seamless.

GrubMarket CEO Mike Xu said: “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.”

IOT Pay CEO Leo Chen added: “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.”

This week, Paysafe signed a global multi-year agreement with Amazon Web Services to move online payments processing to the cloud.

Earlier this month, MoneyGram International joined forces with peer-to-peer (P2P) and business-to-business (B2B) payment firm Sigue to enable other companies use MoneyGram’s API-driven infrastructure and other technologies to access the global money transfer network.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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