Banyan Raises US$43 Million Series A to Scale World’s Largest SKU Data Network

Fintech provides former Walmart and American Express govt Janey Whiteside to board amidst sturdy investment spherical designed to boost up Banyan’s era and two-sided community

NEW YORK, Oct. 20, 2022 /PRNewswire/ — Banyan, the main community for SKU records, nowadays introduced it has raised a US$43 million Series A spherical led via Fin Capital and M13. The funding will boost up Banyan’s era and infrastructure expansion to receive advantages traders, resorts, banks and fintechs. The Banyan community allows retail and fiscal establishment members to leverage item-level enriched records functions to reinvigorate the buying groceries be offering and loyalty area, beef up client engagement and fiscal well being, and streamline trade expense control.

Banyan Logo

Banyan Logo

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

Over the ultimate yr, Banyan has onboarded tens of hundreds of service provider members to the Banyan community, starting from Fortune 150 companies to comfort shops, whilst concurrently scaling the financial institution and fintech aspect of the community. Banyan has processed over $400 billion GMV to-date. Currently, the Banyan resolution set contains:

  • Expense control improvements that greatly reduce time spent on expense studies: Banyan seamlessly integrates item-level acquire records into buyer banking or expense control supplier apps, thus doing away with the will to prepare receipts or take on bulky expense studies and providing a easy, rapid, and easy expense control enjoy.

  • Next-generation buying groceries and loyalty provides that allow traders and their companions to supply compelling, customizable merchandise & category-level provides via banking channels: Banyan allows traders and their companions to lift their buying groceries provides and deploy focused providing of incentives to precisely the thing, class and aisle-level classes they would like to praise, whilst giving monetary establishments the ability to force each large price ticket and on a regular basis spend to their playing cards.

“Banyan continues to lead the way in using new forms of payment data to deliver next-level insights for commerce, financial services, and beyond,” mentioned Logan Allin, Managing Partner and Founder at Fin Capital. “Banyan helps its customers unlock the full potential of SKU-level data, fundamentally re-imagining the experiences they can bring to consumers, and we are proud to continue backing the incredible Banyan team.”

The Banyan Board of Directors contains leaders in retail, finance, e-commerce, and product construction, together with its most up-to-date appointee, former Walmart EVP & Chief Customer Officer Janey Whiteside.

“At Banyan, Jehan has amassed a talented group of seasoned industry veterans with strong track records of business success,” mentioned 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 spherical totals US$43M, consisting of $28M in fairness and $15M in undertaking debt; general cash raised to date stands at US$53 million. Alongside Fin Capital and M13, FIS Impact Ventures, Bridge Bank (a department of Western Alliance Bank), Interplay and TTV Capital participated within the spherical. Additional buyers in Banyan come with More than Capital, Manifold, Motivate Venture Capital, Elizabeth Street Ventures, and Gaingels together with angel buyers Jonathan Weiner, David Chubak and Kush Saxena.

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About Banyan

Banyan, the main community for item-level receipt records answers, allows banks, fintechs, resorts and traders to automate expense control, energy the way forward for Precise Commerce℠ with SKU and category-level buying groceries provides and create different robust packages comparable to fraud aid and private monetary control. Data privateness is core to Banyan’s venture, and the corporate prides itself on its privacy-by-design and consent-based way. With world-class safety protections and a extremely scalable infrastructure, Banyan community members free up new functions and alternatives whilst closing safe and compliant. Getting began with Banyan is rapid, versatile and simple via safe batch or API records integrations.

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