IOT Pay
A payment solution leader, enabling merchants to accept Omnichannel payment in-store and online on a global scale.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
| N/A | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
Related Content
IOT Pay Technologies Inc. operates as a financial technology firm specializing in cross-border mobile and omnichannel payment solutions for North American merchants. Founded in 2017 by Leo Chen and Max So, the Burnaby-based company aims to connect Canadian businesses with Chinese consumers by integrating popular payment platforms like WeChat Pay, Alipay, and UnionPay. This focus allows merchants to settle transactions made in Chinese Yuan directly into Canadian dollars, navigating currency exchange limits. The company's core offering is an omnichannel payment system that enables merchants to accept payments both in-store and online globally. This ecosystem includes intelligent point-of-sale (POS) machines, management systems, QR code solutions, and 'Pay By Link' options.
The firm's business model centers on providing a comprehensive suite of payment processing services, which also includes traditional credit card payments. IOT Pay serves a diverse clientele across sectors such as retail, hospitality, grocery, tourism, and luxury goods, powering thousands of merchants including notable brands like BMW, Mercedes Benz, and HMart. Revenue is generated through fees on the tens of thousands of transactions it facilitates daily. A significant milestone in the company's history occurred on August 2, 2022, when it was acquired by GrubMarket, a food technology company. This acquisition was preceded by a Series A funding round on April 30, 2021, which included GrubMarket as an investor alongside Celtic House Asia Partners and GCI Capital. Following the acquisition, IOT Pay continues to operate under its existing leadership team, leveraging GrubMarket's ecosystem to expand its financial services, including plans for a digital banking system for small and medium-sized businesses.
Keywords: cross-border payments, omnichannel payment, POS systems, mobile payments, WeChat Pay, Alipay, UnionPay, payment processing, financial technology, fintech, merchant services, Chinese Yuan settlement, Canadian merchants, GrubMarket subsidiary, payment gateway, e-commerce payments, retail payments, hospitality payments, QR code payments, North American market