Banyan

Overview
News
FinTech Infrastructure?
Product stageSegments
Early
?
Investment and financial management services
?

Banyan offers a cloud-based API-driven platform for financial institutions, FinTechs, and consumer apps and services by working with merchants to access data from end customers’ receipts. By gaining insights from retail level data, the platform is mostly used for personal finance management, digital receipt management, card-linked offers, rewards, and rebates as well as healthcare and wellness services. Merchants benefit from the platform in two main ways; 1) monetizing the data of its customers, and 2) unlocking insights from customer data.


As of October 2022, Banyan reported that its platform had signed up over 35,000 merchants with banks and unnamed leading consumer apps as clients. Customer data is provided to FinTechs only once they gain consent from consumers and merchants, and the financial service partners (FinTechs) agree to comply with Banyan’s consumer privacy standards. Banyan also offers a proprietary anonymization technology.


Funding and financials

Banyan raised USD 43 million in Series A funding in October 2022 - USD 28 million in equity and USD 15 million in debt - to invest in product research, development, and recruitment.

HQ location:
101 Crawfords Corner Road, Suite 4116 Holmdel NJ USA
Founded year:
2019
Employees:
11-50
IPO status:
Private
Total funding:
USD 53.0 mn
Last Funding:
USD 28.0 mn (Series A; Oct 2022)
Last valuation:
-
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