Receipt Data Firm Banyan Pulls In $43m

In New York, Banyan, which offers services such as automated expense management, fraud reduction and shopping offer development using item-level receipt data, has raised $43m in a Series A round of funding.

The firm helps banks, fintechs, hotels and merchants to boost their SKU and category-level shopping offers, consumer engagement and financial health, and streamline business expense management - taking a 'privacy-by-design and consent-based approach'. The new funding - consisting of $28m in equity and $15m in venture debt and adding to a total of $10m raised previously - was led by Fin Capital and M13, and will be used to accelerate Banyan's technology and infrastructure growth.

Jehan Luth (pictured), Banyan's founder and CEO, comments: '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'.

The firm is online at www.banyan.com .