Stock Keeping Unit (SKU) data network Banyan has raised $43 million in a Series A round headed by Fin Capital and M13.
The round comprises of $28 million in equity and $15 million in venture loans, bringing the company’s total investment to $53 million to date.
Also participating in the round were FIS Impact Ventures, Bridge Bank (a subsidiary of Western Alliance Bank), Interplay, and TTV Capital.
Angel investors Jonathan Weiner, David Chubak, and Kush Saxena join More Than Capital, Manifold, Motivate Venture Capital, Elizabeth Street Ventures, and Gaingels as additional investors.
Janey Whiteside, a former Walmart and American Express executive, has also joined the fintech’s board.
Banyan allows merchants and financial institutions to harness richer data capabilities at the item level to promote loyalty and customer engagement programs and optimize business expenditure management.
Banyan has spent the past year enrolling “tens of thousands” of merchant partners to its network; the most recent amount of money will be used to improve its technology and infrastructure.
Source Link US financial startup Banyan secures $43 million in Series A funding
