Banyan raises $43M to grow its network of item-level purchase data

▤ Summary

A source familiar with the matter tells TechCrunch that the valuation is in the mid-$100 million range.CEO Jehan Luth says that the new capital will be put toward product research and development and infrastructure growth, as well as toward expanding Banyans headcount from 46 employees to 50 by the end of the year. This funding round positions Banyan well with ample runway to grow, he told TechCrunch in an email interview, noting that it brings the companys total raised to $53 million.Banyan maintains a database of SKU-level data and a platform that leverages the database to enable companies to use purchase data in various ways (e.g., fraud prevention, loyalty programs and card-linked offers). Elsewhere, the platform organizes, classifies and standardizes receipt data to enable merchants and their partners to target offers to specific items, categories and aisle-level subcategories they want to reward (think ad campaigns like buy grilling equipment at grocer X and get 20% cash back).Luth who holds an associates degree in computer science from the University of Cambridge, a bachelors degree in food science from the Culinary Institute of America, and masters degrees in epidemiology and law from the University of Pennsylvania founded Banyan in 2019 after serving as technology director of Harvards T.H. He claims one of the companys major differentiators is that its network obtains data directly from first-party sources, such as merchants, and doesnt collect personal information addresses, phone numbers, email addresses and the like unless absolutely necessary to deliver a service.Merchants are a key collaborator in our network, providing secure purchase receipt data so that there is no need for screen scraping or problematic receipt snapshots with a mobile phone, Luth said. Luth, who declined to reveal the size of the companys customer base, says its made up largely of banks and fintechs (he wouldnt name names).In an environment where many consumers are tightening their belts and rethinking brand loyalty, item-level data can be a key for retailers to offer real savings leveraging strategic aisle budgets, while also managing inventory levels and efficiently driving sales retention, Luth said, demurring when asked about Banyans revenue numbers.

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Banyan

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