Banyan Raises $43M to Grow Its SKU Data Network

Stock keeping unit (SKU)-level receipt data infrastructure startup Banyan raised $43 million to scale its technology and infrastructure to advance its network that enables retailers, banks and FinTechs to leverage item-level enriched data capabilities.

The Series A round, a combination of equity and venture debt, was led by Fin Capital and M13 with participation from FIS Impact Ventures, Bridge Bank, Interplay and TTV Capital, according to a Wednesday (Oct. 19) press release.

Founded by CEO Jehan Luth, Banyan is a global infrastructure company for item-level receipt data that allows its partners to use data from customer transactions for shopping offers, loyalty and engagement, the release stated.

“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,” Luth said in the release. “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.”

Tens of thousands of merchants ranging from convenience stores to Fortune 150 corporations have been onboarded to the Banyan network over the past 12 months, according to the release. To date, Banyan has raised $53 million with additional backers, including More Than Capital, Manifold, Motivate Venture Capital, Elizabeth Street Ventures and Gaingels along with angel investors David Chubak and Kush Saxena.

Banyan is also scaling the bank and FinTech side of the network and has processed over $400 billion gross merchandise value (GMV) to date, the release stated. The company’s solution set includes expense management enhancements and next-generation shopping and loyalty offers.

The company also announced in the release the appointment of Janey Whiteside, a former Walmart and American Express executive, to its board of directors.

See also:

US Banks Plan 2023 Investments in Receipt Data Innovation

How Banks and Merchants Are Working Together to Design Better Loyalty Programs