Receipt data company Banyan raises $43 million
October 21, 2022
In New York, Banyan, which offers services such as automated expense management, fraud reduction and shopping offer development using item-level receipt data, raised $43 million. dollars in a Series A funding round.
The Company Helps Banks, Fintechs, Hotels, and Merchants Boost SKU and Category-Level Shopping Offers, Consumer Engagement and Financial Health, and Streamline Enterprise Spend Management – adopting a “privacy-by-design and consent-based approach”. The new funding – consisting of $28m in equity and $15m in venture capital debt and adding to a total of $10m previously raised – was led by Fin Capital and M13, and will be used to accelerate the growth of Banyan’s technology and infrastructure.
Jehan Luth (pictured), Founder and CEO of Banyan, comments: “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 have been quietly building largest data network SKU in the world. 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.”
The company is online at www.banyan.com.