- SKU knowledge community firm Banyan raised $43 million in Sequence A funding.
- The spherical consisted of $28 million in fairness and $15 million in enterprise debt, and offers the corporate a complete of $53 million in fairness funding.
- Banyan made its Finovate debut at FinovateFall 2021 in New York, and returned to the Finovate stage this 12 months for FinovateSpring in San Francisco.
In a spherical led by Fin Capital and M13, SKU knowledge community firm Banyan has raised $43 million in funding. The Sequence A spherical consists of $28 million in fairness and $15 million in enterprise debt, taking the whole fairness capital raised by Banyan to $53 million. Along with Fin Capital and M13, the spherical featured participation from FIS Affect Ventures, Bridge Financial institution, Interaction, and TTV Capital.
The financing will likely be used to assist speed up Banyan’s know-how and infrastructure progress. Banyan permits retailers and monetary establishments to leverage enriched, item-level knowledge capabilities to spice up client engagement and monetary wellness, in addition to enhance enterprise expense administration. The corporate provides the world’s largest SKU knowledge community, which helps “unlock a brand new world of invaluable data within the type of item-level receipt knowledge,” in response to Banyan founder and CEO Jehan Luth. Luth added that the funding was “proof of market validation for Banyan as the primary to ship the subsequent stage of Exact Commerce purposes to retailers and monetary companies.”
Banyan’s community is utilized by each Fortune 150 firms in addition to comfort shops. The corporate’s answer suite permits dramatic reductions within the time spent on expense studies by integrating item-level buy knowledge into banking and expense administration apps. Banyan’s know-how additionally offers purchasing and loyalty provides that assist retailers and their companions higher goal the providing of incentives, keying on the particular merchandise, class, and aisle-level classes they wish to reward. Fin Capital founder and managing associate Logan Allin mentioned that Banyan’s options assist companies “re-imagine the experiences they will carry to shoppers.”
Banyan demonstrated its Enrich answer at FinovateSpring earlier this 12 months. On the convention, Banyan confirmed how its know-how permits banks, fintechs, and their retail companions to make use of merchandise stage knowledge to drive each on a regular basis spending and high of pockets habits. Counting on each API requires particular person transactions and batch requires limitless data, Banyan’s at-scale community lets retailers share receipt knowledge with banks and fintechs to make monetary apps extra impactful for the digitally-oriented monetary companies buyer.
Based in 2019 and headquartered in Holmdel, New Jersey, Banyan has processed greater than $400 billion in gross merchandise worth (GMV), greater than 10.3 billion in financial institution and fintech associate transactions, and greater than 10.4 billion in buy receipts from community retailers. The corporate additionally has greater than 4 million UPCs catalogued in its community.
Earlier this 12 months, Banyan launched new Chief Advertising Officer Andrea Gilman, previously SVP with Mastercard. This spring, Banyan introduced a rebrand – together with a brand new emblem and an internet site refresh – to mirror what Luth referred to as the corporate’s “outlined path to disrupt and alter the retail panorama whereas bringing new advantages to shoppers.”
Photograph by Karolina Grabowska