Bridge Bank Provides $15 Million in Venture Debt to Support Banyan’s Series A Round
November 03, 2022
NEW YORK — Bridge Bank today announced it has closed on a $15 million venture debt term loan to support the Series A round for Banyan, a leading network creating new applications for stock-keeping unit (SKU) data for retailers, hotels, banks and fintechs.
The Bridge Bank loan contributes to a $43 million Series A round led by Fin Capital and M13. It will enable Banyan to leverage that financing to maximize its impact to accelerate the company’s technology and infrastructure growth.
“Banyan’s ability to unlock this next level of data is invaluable to retailers, hotels, banks and fintechs because it helps manage their expenses and inventories,” said Laurence Brent, assistant vice president in Bridge Bank’s Technology Banking Group. “The team at Bridge Bank finds it particularly gratifying to support the growth of this company, whose work leverage the success of other businesses.”
Tens of thousands of merchant participants ranging from Fortune 500 companies to regional suppliers and chain drugstores have joined the Banyan network over the past year. At the same time, Banyan is scaling the bank and fintech side of its network and has processed more than $400 million gross merchandise value (GMV) to date.
“The funding from Bridge Bank will enable Banyan to continue helping our clients provide their customers with more personalized shopping offers and rewards through the next level of Precise Commerce℠ applications,” said Michael Budde, Banyan’s chief financial officer. “Through our trusted network, we are building an exceptional level of item-level receipt data for businesses and customers around the world.”
Today, the Banyan network enables retail and financial institution participants to leverage item-level enriched data capabilities to reinvigorate the shopping offer and loyalty space, enhance consumer engagement and financial health, and streamline business expense management.
Banyan, the leading network for item-level receipt data solutions, enables banks, fintechs, hotels and merchants to automate expense management, power the future of Precise Commerce with SKU and category-level shopping offers and create other powerful applications such as fraud reduction and personal financial management. Data privacy is core to Banyan’s mission, and the company prides itself on its privacy-by-design and consent-based approach. With world-class security protections and a highly scalable infrastructure, Banyan network participants unlock new capabilities and opportunities while remaining secure and compliant. Getting started with Banyan is fast, flexible and easy through secure batch or API data integrations. Learn more at banyan.com.
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise, focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. As part of $65 billion Western Alliance Bancorporation — ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director — Bridge Bank has the reach, resources and deep industry knowledge that make a difference for customers.