Banyan, a New York-based provider of a network for SKU data, raised US$43M in Series A funding.
The round, consisting of $28M in equity and $15M in venture debt, was led by Fin Capital and M13 with participation from FIS Impact Ventures, Bridge Bank (a division of Western Alliance Bank), Interplay and TTV Capital. 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.
The company intends to use the funds to accelerate its technology and infrastructure growth to benefit merchants, hotels, banks and fintechs.
Led by Founder and CEO Jehan Luth, Banyan is a network for item-level receipt data solutions that enables banks, fintechs, hotels and merchants to automate expense management, power Precise Commerce with SKU and category-level shopping offers and create other applications such as fraud reduction and personal financial management.
Currently, the solution set includes:
- Expense management enhancements.
- Next-generation shopping and loyalty offers that enable merchants and their partners to provide compelling, customizable item & category-level offers through banking channels.
Over the last year, Banyan has onboarded tens of thousands of merchant participants to the 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.
FinSMEs
21/10/2022