Item-level receipt data startup Banyan raises $43 million

Item-level receipt data startup Banyan raises  million

Banyan, the leading SKU data network, today announced that it has raised a US$43 million Series A round led by Fin Capital and M13.

The investment will accelerate Banyan’s technology and infrastructure growth for the benefit of merchants, hotels, banks and fintechs. The Banyan network enables retail and financial institution participants to leverage enriched data capabilities at the item level to revitalize the shopping experience and loyalty space, improve consumer engagement and financial health, and streamline business spend management.

“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 Jehan Luth, Banyan’s founder and CEO director. “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.”

Over the past year, Banyan has brought tens of thousands of merchant participants to the Banyan network, ranging from Fortune 150 companies to convenience stores, while scaling the bank and fintech side of the network. Banyan has processed over $400 billion in GMV to date. Currently, the Banyan solution set includes:

Expense management enhancements that drastically reduce time spent on expense reports: Banyan seamlessly integrates item-level purchase data into customer banking or expense management vendor apps, removing the need to organize receipts or deal with cumbersome expense reports and offering a simple, fast, and effortless expense management experience.
Next-generation shopping and loyalty offerings that enable merchants and their partners to offer compelling, customizable offers at the item and category level through banking channels: Banyan enables merchants and their partners to elevate their shopping offerings and distribute targeted offers of incentives to precisely the item, categories and aisle-level categories they want to reward, while giving financial institutions the power to drive both big-ticket and everyday spend to their cards.

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“Banyan continues to lead the way in using new forms of payment data to deliver next-level insights for commerce, financial services and more,” said Logan Allin, managing partner and founder at Fin Capital. “Banyan helps its customers unlock the full potential of SKU-level data by reimagining the experiences they can bring to consumers, and we’re proud to continue to support the incredible Banyan team.”

Banyan’s board includes leaders in retail, finance, e-commerce and product development, including its most recent appointment, former Walmart EVP & Chief Customer Officer Janey Whiteside.

“At Banyan, Jehan has assembled a talented group of seasoned industry veterans with a strong track record of business success,” said Rob Olson, Partner and Head of Data Strategy at M13. “We look forward to seeing the Banyan team continue to empower network participants to deliver powerful new applications for item-level receipt data.”

The Series A round totals $43 million, consisting of $28 million in equity and $15 million in venture debt; total money raised to date is $53 million. Alongside Fin Capital and M13, FIS Impact Ventures, Bridge Bank (a division of Western Alliance Bank), Interplay and TTV Capital participated in the round. Additional investors in Banyan include More than Capital, Manifold, Motivate Venture Capital, Elizabeth Street Ventures and Gaingels along with angel investors Jonathan Weiner, David Chubak and Kush Saxena.

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