Banyan

What Banyan does

Banyan (legal entity Rotomaire, Inc.) is a privacy-first data collaboration platform that ingests, cleans, matches, and enriches item-level receipt data with financial transaction records. Founded in 2020 by Jehan Luth, the company connects 40,000+ merchant stores with 5,000+ financial institutions globally, having processed 21B+ receipts and 36B+ receipt items. Its product suite includes the Banyan Platform (core data infrastructure), Banyan Enrich (receipt-to-transaction matching), Banyan Confirm (card-linked offer management), and the Banyan Portal (campaign management UI), with architecture built on Google Cloud Platform, Go, BigTable, Apache Beam, and Airflow.

Banyan serves three primary customer segments: merchants seeking to monetize receipt data and improve marketing ROAS, banks and financial institutions needing transaction enrichment for card-linked offers and fraud management, and fintechs requiring item-level data infrastructure for product innovation. Distribution is API-first (REST and batch) with integrations into Snowflake, AWS S3, Google Cloud Storage, and SFTP, supplemented by direct enterprise sales. Revenue is generated through data collaboration platform fees and API/integration services on what is described as a transaction-fee and subscription/recurring basis; pricing is not publicly disclosed. The company is SOC 2 Type 2 certified (May 2024).

In March 2024, Bilt Rewards acquired Banyan to integrate item-level intelligence into its neighborhood commerce platform, with stated plans to extend into FSA/HSA savings, personalized rewards, and cross-merchant experiences. Banyan continues to operate as a subsidiary, with a leadership team that includes alumni of Citi, Visa, American Express, PayPal, Uber, and other payments-infrastructure organizations. Note: the input contains a data conflict — firmographic fields reference a different "Banyan" described as a digital marketing/patient engagement platform founded in 2013 in Orem; this analysis is based on the dominant, internally consistent data set describing the receipt data platform (Rotomaire, Inc.) founded in 2020.

Name

Banyan

Legal name

Rotomaire, Inc.

Website

https://banyan.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Banyan is a privacy-first data collaboration platform that ingests, matches, and enriches item-level receipt data with card transactions, connecting 40,000+ merchant stores and 5,000+ financial institutions. It serves merchants, banks, and fintechs with API-based infrastructure for card-linked offers, fraud prevention, and personalized rewards.

Ownership category

akta.pro rank

Headquarters

HQ city

Orem

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Data Collaboration Platform Fees: Banyan charges merchants, banks, and fintechs for access to its item-level receipt data platform. The platform enables secure collaborations where data is shared via a single connection, with fees likely based on transaction volume or data access.
2. API and Integration Services: Revenue generated from providing API access, developer documentation, and integration support for merchants and financial institutions to connect to the Banyan platform.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Banyan operates a privacy-first data collaboration platform that ingests, matches, and enriches item-level receipt data with card transaction data. The platform enables merchants, banks, fintechs, and commerce platforms to securely share de-identified purchase and transaction information through a single API connection, powering use cases including card-linked offers, fraud/chargeback prevention, expense management, personalized rewards, and item-level payment reconciliation. Core products include the Banyan Platform API, Banyan Enrich for data onboarding and matching, Banyan Confirm for CLO campaign management, and the Banyan Portal for campaign self-service.

Product overview

Banyan operates as a receipt data platform with a modular architecture. The core Banyan Platform serves as the foundational data infrastructure, which hosts two primary products: Banyan Enrich for data onboarding and transaction enrichment (matching receipt data with card transactions), and Banyan Confirm (for CLO) for card-linked offer campaign management. These products share the Banyan Portal as a customer-facing interface for managing offers and campaigns. The platform processes over 21 billion receipts and 36 billion receipt items across 40,000+ merchant stores and 5,000+ financial institutions globally.

Differentiator

Problem solved

Functional benefit

Products and services

• Banyan Platform Foundational data infrastructure enabling secure collaborations between merchants, banks, fintechs, and commerce partners on item-level receipt data and transaction data. Ingests, cleans, matches, enriches, and delivers permissioned data for use cases including loyalty marketing, fraud prevention, and commercial payments.
• Banyan Enrich Data onboarding and enrichment product enabling merchants to submit receipt data and financial institutions to submit transaction data for matching. Delivers enriched transactions with matched receipt contents, supporting use cases such as card-linked offers, receipt display in banking apps, and transaction clarity for fraud prevention.
• Banyan Confirm (for CLO) Card-linked offer management product enabling publishers (banks, fintechs) to create and manage CLO campaigns, offers, and activations. Supports offer criteria including category, exclusions, brand, product-level targeting, fulfillment tracking, and redemption data for merchants and advertisers.
• Banyan Portal Customer-facing web application for managing campaigns and offers. Enables merchants, banks, and fintechs to add offer details (cashback amounts, spend thresholds, redemption limits), control matching criteria, browse offer discovery taxonomies, and manage offer activations.

Quantifiable outcome

• 14x gross ROAS achieved in SKU-data powered card-linked offer campaign (campaign benchmark target was 4x)
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability3 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered flagship and core.

• Bilt RewardsflagshipStrategic or Co-development Partner · 13 March 2025Bilt Rewards acquired Banyan to transform neighborhood commerce through item-level intelligence. The acquisition aims to develop new features like FSA/HSA savings, personalized rewards, and cross-merchant experiences, and expand into new merchant categories.
• Ethoca by MastercardcoreTechnology or Integration · 24 January 2025Over 18+ months, Banyan and Ethoca teams collaborated to enable Banyan partner merchants to securely connect with Ethoca's network of 5,000+ financial institution partners. The partnership reduces transaction confusion and streamlines disputes and chargebacks resolution.
• FetchcoreGTM or Marketing Partner · 7 October 2024In collaboration with Banyan, Fetch enables Walgreens to prove campaign impact and create lifelong consumers with Fetch points. Partnership leverages Banyan's data for campaign measurement.
• KardcoreTechnology or Integration · 1 October 2024Kard is an end-to-end loyalty platform connecting consumers with brands. SKU data-powered reporting intelligence and offer flexibility through Banyan enable Kard to power relevant, tailored shopping offers to 47M+ cardholders.
• WalgreensflagshipStrategic or Co-development Partner · 20 May 2024Walgreens partnered with Banyan to deliver a true omnichannel experience. Operating more than 8,700 retail locations serving approximately 9 million customers daily, Walgreens leverages Banyan's item-level data for enhanced customer experiences.
• WEXcoreTechnology or Integration · 2 May 2024WEX is a B2B fintech that simplifies business payments. Merchant partners of WEX benefit from Banyan item-level data capabilities in WEX's virtual payments solutions.
• Affinity SolutionscoreTechnology or Integration · 18 April 2024Partnership gives merchants and banking partners greater ability to target high-value personalized cardholder incentive offers using enriched item-level receipt data through Banyan's platform.
• Chargebacks911coreStrategic or Co-development Partner · 1 February 2024Partnership enables merchants to leverage item-level receipt data for enhanced chargeback management. Chargebacks911 plugs into merchant receipt data warehouse, ingests and enriches data for improved disputes management.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Finicity (Mastercard): Finicity, acquired by Mastercard, provides financial data aggregation and verification APIs. Comparable as a transaction-data platform connecting financial institutions to third parties, though Finicity operates as part of Mastercard's broader data-services portfolio rather than a niche item-level receipt specialist.
• IRI: IRI provides market and shopper data analytics for CPG retailers and brands, including point-of-sale and loyalty data. Comparable in leveraging retailer receipt/POS data for performance marketing and category insights, though IRI is broader and traditionally CPG-focused rather than item-level card matching.
• FIS: FIS is a large financial technology provider offering transaction processing, data, and analytics to banks and merchants. Banyan lists FIS as a trusted partner; comparable as a broad incumbent touching receipt and transaction data infrastructure across many of the same FI and merchant customers.
• Yodlee (Envestnet): Yodlee provides financial data aggregation, transaction categorization, and analytics for banks and fintechs. Comparable in serving transaction data to FIs and partners, though Yodlee is broader/older and operates within Envestnet's wealth and data platform.

Direct peers

• Plaid: Plaid provides financial data connectivity APIs linking bank accounts to fintech and merchant applications. Comparable to Banyan as a data infrastructure layer enabling secure transaction and account data sharing between financial institutions and third-party developers, though Plaid is more banking-focused and Banyan is receipt/transaction-level.
• Cardlytics: Cardlytics operates a card-linked offers platform powering bank-funded rewards based on transaction data. Comparable to Banyan's Confirm/CLO product in using card transaction data to drive targeted merchant offers inside banking apps, with similar advertiser and bank economics.
• MX Technologies: MX provides financial data aggregation, enhancement, and connectivity APIs for banks, fintechs, and consumer apps. Comparable to Banyan's data infrastructure serving banks and fintechs, with overlapping use cases in transaction enrichment, data connectivity, and analytics.
• Akoya: Akoya operates a data-privacy-protected network for sharing consumer financial data between banks and third parties. Directly comparable to Banyan's privacy-first data collaboration platform model applied to bank-to-partner data sharing, with similar interoperability and consent-management focus.

Emerging players

• Foursquare: Foursquare operates a location and visit-data platform used by retailers, banks, and advertisers for audience and attribution analytics. Comparable in providing merchant-relevant behavioral data to financial and advertising partners, with partial overlap in retail media and card-linked offer use cases.

Others

• Kard: Kard is a loyalty platform connecting consumers with brands via card-linked offers. Banyan lists Kard as a customer/partner; comparable as a downstream consumer of item-level receipt data powering SKU-level offer targeting, rather than a competing infrastructure layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/banyan
• Xx.com/BanyanSocial

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banyan