Banyan

Banyan operates as a data infrastructure company focused on unlocking item-level receipt data for the commerce ecosystem. Founded in 2019 by Jehan Luth, the company aims to solve the challenge of fragmented and inaccessible stock keeping unit (SKU) data from retail transactions. Luth's background in the payments and loyalty space informed the company's direction, recognizing the immense value locked within granular purchase information. Banyan's platform is built on a consent-based model, where consumers explicitly opt-in to share their transaction data.

The core of Banyan's business is its infrastructure that securely ingests, anonymizes, and enriches receipt data directly from merchants and retailers. This processed data is then made available to financial institutions, such as banks and fintech companies, through APIs. These partners can then leverage this SKU-level detail to power a variety of consumer-facing applications. For example, a banking app could offer its users detailed spending breakdowns, personalized offers, or product-specific rewards, moving beyond simple transaction amounts.

Banyan's revenue model is centered on providing this data-as-a-service to its partners. Financial services providers pay for access to the enriched data streams to enhance their own product offerings and deepen customer engagement. For merchants, participation offers a new way to connect with customers through their banking apps, potentially driving loyalty and repeat business without the need for a separate loyalty program. The company has secured significant partnerships with major retailers and financial technology firms, steadily building its network to increase the breadth and depth of its data pool.

Keywords: receipt data, SKU-level data, financial technology, data infrastructure, retail analytics, consumer rewards, open banking, marketing personalization, transaction enrichment, fintech partnerships