US Fintech Firm Banyan Secures $43 Million in Series A

Banyan, the leading network for SKU data, announced it has raised a US$43 million Series A round led by Fin Capital and M13. The latest round of funding will be used to boost Banyan's tech and infrastructure. 

"Banyan continues to lead the way in using new forms of payment data to deliver next-level insights for commerce, financial services, and beyond," said Logan Allin, Managing Partner and Founder at Fin Capital. "Banyan helps its customers unlock the full potential of SKU-level data, fundamentally re-imagining the experiences they can bring to consumers, and we are proud to continue backing the incredible Banyan team."

The Banyan Board of Directors includes leaders in retail, finance, e-commerce, and product development, including its most recent appointee, former Walmart EVP & Chief Customer Officer Janey Whiteside.

"At Banyan, Jehan has amassed a talented group of seasoned industry veterans with strong track records of business success," said Rob Olson, Partner and Head of Data Strategy at M13. "We look forward to seeing the Banyan team continue to empower network participants to deliver powerful new applications for item level receipt data."

The Series A round totals US$43M, consisting of $28M in equity and $15M in venture debt; total money raised to date stands at US$53 million. Alongside Fin Capital and M13, FIS Impact Ventures, Bridge Bank (a division of Western Alliance Bank), Interplay and TTV Capital participated in the round. 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.