Banyan, the leading network for SKU data, today announced 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 to benefit merchants, hotels, banks and fintechs. The Banyan network enables retail and financial institution participants to leverage item-level enriched data capabilities to reinvigorate the shopping offer and loyalty space, enhance consumer engagement and financial health, and streamline business expense management.
"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," said 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 last year, Banyan has onboarded tens of thousands of merchant participants to the Banyan network, ranging from Fortune 150 corporations to convenience stores, while simultaneously scaling the bank and fintech side of the network. Banyan has processed over $400 billion GMV to-date. Currently, the Banyan solution set includes:
Expense management enhancements that drastically cut time spent on expense reports: Banyan seamlessly integrates item-level purchase data into customer banking or expense management provider apps, thus removing the need to organize receipts or tackle cumbersome expense reports and offering a simple, fast, and effortless expense management experience.
Next-generation shopping and loyalty offers that enable merchants and their partners to provide compelling, customizable item & category-level offers through banking channels: Banyan enables merchants and their partners to elevate their shopping offers and deploy targeted offering of incentives to exactly the item, category 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.
"Banyan continues to lead the way in using new forms of payment data to deliver next-level insights for commerce, financial services, and beyond," said 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 includes leaders in retail, finance, e-commerce, and product development, including its most recent 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," 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 US$43M, consisting of $28M in equity and $15M in venture debt; total money raised to date stands at US$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.