Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc, a provider of real-time data analytics through artificial intelligence, has announced the partnership and integration of its Fobi platform with US payments giant Square, owned by global technology company Block Inc, formerly Square Inc.
Vancouver-based advanced technology company Fobi said the partnership includes the availability of its Fobi app on the Square App Marketplace for businesses of all types and sizes including those in the retail and food and beverage industries.
The upcoming launch of Fobi’s app in the Square App Marketplace will give Fobi access to Square’s global sellers, which is expected to help drive customer acquisition and revenue for Fobi, said the company.
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“At Square, we’re constantly working to help businesses improve customer engagement and give them better options and information when it comes to their integrated commerce solutions,” Vijay Vachani, Global Head of Partnerships at Square, said in a statement.
“We’re looking forward to working with Fobi to offer our sellers around the world even more valuable data and real-time insights so they can continue to start, run, grow and adapt their businesses.”
The Fobi and Square integration will offer Square sellers "a unified platform" for connecting and boosting existing business tools in Fobi’s Insight Portal to monitor sales performance and gain customer insights.
The firm listed some of the inherent benefits:
- Multiple retail outlets, franchises, and channels: Businesses with multiple locations, franchisees and channels with different point of sale (POS) systems can use Fobi to integrate all their data into one unified dashboard and extract real-time insights to make informed business decisions.
- Acquisitions: Businesses that have acquired companies using different POS systems and lack visualization and integrated insights into the acquired companies can use Fobi to better understand those businesses and make data-driven decisions.
"The partnership with Square is a major milestone for Fobi and serves as yet another third-party validation of our capabilities,” said Fobi founder CEO Rob Anson. “Square has led the industry on contactless innovation and their dominance in the small and midsize business (SMB) category is very well-aligned with the focus and application of Fobi’s products.”
Anson noted that the pandemic had forced businesses to go digital and undergo 20 years of digital transformation in a matter of months.
“Fobi’s ability to deliver cross-platform and online and offline data analytics and business intelligence powered by AI in real-time will deliver huge value for businesses using Square’s ecosystem of commerce solutions,” added Anson.
Fobi’s app, now available in the Square App Marketplace, will enable its sellers to gain a real-time understanding of their customers’ purchasing patterns and lifetime value by connecting disparate online and offline data and multiple locations. The company said Fobi will help Square sellers “reduce costs and increase profitability by providing access to real-time insights” that are based on the purchasing patterns and trends of their customers.
A recent survey by Square shows that 72% of Canadians are looking for socially distanced, cashless ways to support local businesses post-pandemic, and 80% of Canadians are reporting their commitment to buying local is more important now than before the pandemic. Fobi’s new partnership with Square offers North American sellers with even better ways to sell, run and improve their cashless businesses.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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