Banyan secures $43 million for its shopping data platform

Banyan secures  million for its shopping data platform

Banyan, a startup that helps companies tailor their products and sales campaigns more closely to customer preferences, has closed an early stage investment of $43 million.

Banyan, incorporated as Rotomaire Inc., announced the series A investment this morning. The recently raised funding consists of $28 million in equity financing and $15 million in venture debt. Fin Capital and M13 were the main investors.

Founded in 2019, Banyan operates a cloud-based platform that aggregates consumer purchase data from tens of thousands of merchants. Banyan makes the data it collects available to companies such as banks and retailers, who use it to improve their products.

Business users historically had to manually enter the details of work-related purchases into their company’s expense tracking software. The task may require considerable time. Using Banyan’s platform, a retailer can save time for their business customers by automatically syncing purchase details to their expense tracking tool.

Banyan can similarly sync purchase data to consumers’ banking apps. Many consumer-focused banking apps have built-in expense management features. By reducing the need to manually sync transaction records between applications, the startup promises to reduce manual work for users and reduce the risk of data entry errors.

According to Banyan, the data the platform collects about consumer purchases can also help companies better understand customers’ shopping preferences. For example, a retailer can use the data from Banyan to develop a more competitive customer loyalty program. In addition, the startup says, the platform makes it easier to create personalized shopping offers.

According to Banyan, the platform has so far processed data on consumer purchases with a total gross merchandise value of over $400 billion. The data that Banyan’s platform collects is used primarily by banks, fintech startups, hotel operators and retailers.

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“Banyan is helping to unlock a new world of valuable information in the form of item-level receipt data, and over the past three years we’ve been quietly building the world’s largest SKU data network,” said Banyan Founder and CEO Jehan Luth. “Our strong Series A funding round is proof of market validation for Banyan as the first to deliver the next level of Precise Commerce applications to merchants and financial services.”

The funding round reportedly values ​​Banyan in the “mid-$100 million range.” The round, which in addition to Fin Capital and M13 included the participation of several other institutional investors, will help Banyan improve its technology. Banyan plans to increase the number of employees to 50 employees by the end of the year.

Photo: Unsplash

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