Banyan closes Series A for item-level receipt data platform

Banyan closes Series A for item-level receipt data platform

Banyan, which is democratising access to item-level receipt data, has raised $43m in its Series A funding round, which was led by Fin Capital and M13.

The investment included $28m in equity and $15m in venture debt.

Other backers to the round include FIS Impact Ventures, Bridge Bank, Interplay and TTV Capital. Also joining the round were More than Capital, Manifold, Motivate Venture Capital, Elizabeth Street Ventures, and Gaingels along with angel investors.

Banyan hopes the Series A capital will help it accelerate its technology and infrastructure growth to better serve banks, FinTechs, hotels and merchants.

Its network enables retail and financial institution participants to leverage item-level enriched data capabilities to reinvigorate the shopping offer and loyalty space. It also enables them to enhance consumer engagement and financial health and streamline business expense management.

Over the past year, the FinTech company has onboarded tens of thousands of merchant participants to its network. These range from Fortune 150 companies to convenience stores. Banyan has processed over $400bn GMV, to-date.

Banyan founder and CEO Jehan Luth said, “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.

“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.”

Banyan’s expense management tools help companies reduce the time spent on expense reports. IT integrates item-level purchase data into customer banking or expense management provider apps. This removes the need to organise receipts or tackle complex expense reports.

With the close of the round, Banyan has raised a total of $53m in funding.

M13 recently joined the $6m seed funding round of payment management platform Finli.

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