FinTech News
Bilt Rewards Acquires Item-Level Data Platform Banyan
Bilt Rewards has acquired one of its partners as it continues to expand.
About the Acquisition:
Recently, it was announced that Bilt Rewards had acquired the FinTech company Banyan, which provides item-level merchant recept data. According to Bilt, this will allow them to create hyper-personalized rewards as well as create frictionless experiences that boost neighborhood commerce. Notably, this is Bilt’s first strategic acquisition. The financial terms of the deal were not disclosed.
Bilt has previously employed Banyan’s technology as part of its Walgreens partnership. With that feature, not only can Bilt customers earn 2x points on Walgreens-branded items but the platform can also identify purchases that may qualify for HSA/FSA benefits.
Other Bilt Updates:
As mentioned, this acquisition comes as Bilt Rewards undergoes an ambitious expansion. Earlier this year, the company surveyed its Bilt Mastercard customers about some potential updates to the card, including a possible annual fee version. Elsewhere, Bilt has teased an expansion into supporting mortgage payments as well as rent. In fact, this week, the platform revamped its bill pay service, which will apparently pave the way for a future mortgage feature.
What They’re Saying:
Commenting on the deal, Bilt Rewards founder and CEO Ankur Jain said, “This acquisition represents a major step forward in our mission to transform how residents engage with their neighborhoods. By further incorporating Banyan’s item-level intelligence into our platform, we’re able to create truly seamless experiences that drive value for both our members and our network of over 40,000 neighborhood merchants.”
Jain added, “This is about making commerce more meaningful, more personalized, and more rewarding exactly where people live.”
Additionally, Banyan founder and CEO Jehan Luth said of joining Bilt, “At Banyan, we’ve built a trusted item-level receipt data platform that connects the who, what, and where of commerce. By joining forces with Bilt, we can implement our technology at scale, creating experiences that feel magical for consumers while delivering measurable results for merchants. We’re excited to combine our item-level precision with Bilt’s neighborhood commerce network to reimagine what’s possible in local commerce.”
My Thoughts:
Without knowing exactly how Banyan works or what it’s capable of, this seems like an incredibly savvy acquisition on Bilt’s part. That’s not only because of the stated possibilities of what the platform can achieve with item-level transaction data — but also because this can help Bilt crackdown on potential abuse. Already, Bilt has shown that it’s well aware that its member base is heavily skewed in favor of credit card enthusiasts, which has required it to be proactive in the past. For example, Bilt was one of the first cards to disallow rewards on transactions made using Curve.
As someone who tries to play by the rules, I’m not so worried about the potential downsides of what Bilt can do using Banyan’s data. Instead, I’m very intrigued to see what other unique features the team can come up with now that they’ll have new powers at their disposal.
Author
Other Articles by Kyle Burbank
FinTech News
Credit Card News
Frontier Airlines Re-Ups, Expands Partnership with Barclays
Frontier and Barclays have extended their long-standing co-branded credit card partnership. About the Frontier-Barclays Partnership Renewal: This week, Frontier Airlines and Barclays US Consumer Bank announced that they'd reached a long-term renewal deal. In doing so, the companies reaffirmed a commitment to expand the value of the Frontier Airlines World Mastercard as well as the overall Frontier Miles program. The two companies have worked together for more than two decades....
Personal Finance News
