Banyan, a platform that allows businesses to share stock keeping unit (SKU) data, has raised $43m in a series A round.
The investment, led by Fin Capital and M13, will be used to accelerate its technological and infrastructure growth.
The series A round consists of $28m in equity and $15 in venture debt. New York-headquartered Banyan has so far raised $53m in total.
Other investors in the latest round include Bridge Bank (a division of Western Alliance Bank), Interplay and TTV Capital.
Commenting on the funding round, Jehan Luth, Banyan’s founder and chief executive officer, 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 technology integrates item-level purchase data, including SKUs, into customer banking or expense management provider apps. It can reduce burdensome administration while opening up opportunities to boost customer engagement.
Logan Allin, managing partner and founder at Fin Capital, said: “Banyan continues to lead the way in using new forms of payment data to deliver next-level insights for commerce, financial services and beyond. It helps its customers unlock the full potential of SKU-level data, fundamentally re-imagining the experiences they can bring to consumers.”
“We look forward to seeing the Banyan team continue to empower network participants to deliver powerful new applications for item level receipt data,” added Rob Olson, partner and head of data strategy at M13.
Over the last year, Banyan has added “tens of thousands of merchants to its network”. It has processed $400b of sales to date.
Alongside the latest round of funding, Banyan announced that former Walmart and American Express executive Janey Whiteside has joined its board of directors.