Bilt Rewards announces first acquisition with deal to buy receipt data tech firm Banyan
New York-based loyalty fintech Bilt Rewards has acquired Banyan, a provider of item-level receipt data solutions, for an undisclosed sum.
Bilt Rewards announces Banyan as its first acquisition
Launched in 2022, Bilt offers a payments and commerce platform focused on the housing payments market. The fintech is currently valued at $3.25 billion following a $150 million capital injection led by Teaches’ Venture Growth in August last year.
Banyan’s technology, which has processed over $200 billion in gross merchandise value and analysed more than 20 billion receipts, will integrate more detailed purchase data into Bilt’s platform.
This integration will boost Bilt’s ability to offer personalised rewards and automated benefits to consumers, while also providing merchant clients with more insights into customer spending.
In a statement, Bilt says it will use the acquisition, which is the company’s first acquisition to date, to develop “several” new capabilities.
These will include an expanded flexible spending account and health savings account programme with automated purchase identification and reimbursement filing; targeted new resident offers and brand-specific promotions; and cross-merchant integrations powered by receipt analysis.
Bilt also plans to expand its merchant network beyond its existing partnerships in dining, fitness, and pharmacy to include grocery, gas, parking, and other retail categories.
Banyan will continue to operate independently under the leadership of its CEO, Jehan Luth, while integrating its technology into Bilt’s platform.
Existing Banyan clients will retain access to its services, with additional capabilities expected to be offered through Bilt’s network.
