Receipt data fintech Banyan raises $43 million in Series A funding

Fintech platform Banyan – which provides item-level receipt data solutions for banks, fintechs and merchants – has raised $43 million in a Series A funding round led by Fin Capital and M13.

The investment will allow Banyan to accelerate its technology and expand its two-way network, enabling customers to use item-level receipt data to improve the shopping experience for partners and enhance consumer engagement.

Over the past year, fintech has engaged tens of thousands of sellers from large corporations to family businesses, while scaling the bank and the fintech side of the network. Banyan has processed over USD 400 billion in GMV to date and offers a range of spend management tools to drastically reduce time spent on spend reporting, including seamless integration of item-level purchase data into customer banking or spend management apps; as well as next-generation shopping and loyalty offerings that enable merchants and their partners to offer compelling, customizable offers at item and category levels through banking channels.

In addition to the latest funding, New York-based Banyan also added former Walmart EVP and Chief Customer Officer Janey Whiteside to its board.

Funding ‘proof of market validation for Banyan’

Jehan Luth, founder and CEO of Banyan, says: “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- computer network. 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.”

“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 is helping its customers unlock the full potential of SKU-level data, fundamentally redesigning the experiences they can bring to consumers, and we’re proud to continue to support the incredible Banyan team.”

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