Spade, a New York-based data and AI platform focused on financial institutions, announced that it has raised $40 million in Series B funding to expand its capabilities and scale its operations.
The funding round was led by Oak HC/FT, with participation from Andreessen Horowitz, Flourish Ventures, Gradient Ventures, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator.
The company plans to use the new capital to deepen its platform capabilities, grow its team, and meet the increasing demand from financial institutions and fintech companies that leverage transaction data to power AI-driven initiatives.
Founded in 2021, Spade provides a platform that transforms raw transaction data into structured, verified records. Its technology enables banks and fintechs to better understand transaction activity, improving workflows such as authorization decisioning, rewards attribution, analytics, and AI applications. The platform uses a proprietary matching engine and AI agents to enrich transaction data, delivering high accuracy and real-time insights.
Spade reports achieving 470% year-over-year revenue growth and processing up to 1.9 billion transactions daily. Its platform delivers broad merchant coverage across the U.S. and Canada with high accuracy and low latency, making it suitable for enterprise-scale financial services environments.
The company’s customers include Stripe, Bilt, and Mercury, among others. More than 85% of its customers use the platform across multiple mission-critical workflows.
With the new funding, Spade aims to expand beyond transaction enrichment into a broader payments intelligence platform, enabling customers to automate workflows and drive business impact by leveraging enriched, structured financial data.
KEY QUOTES:
“This funding allows us to become the default data and intelligence layer for financial services, and we’re thrilled to be backed by investors who deeply understand the value of transaction data. As AI adoption accelerates, banks can only move toward fully automated, agentic workflows if those systems are built on detailed, verified, and structured consumer behavior powered by enriched transaction data. Spade delivers just that.”
Oban MacTavish, Co-Founder And CEO Of Spade
“Spade has emerged as the clear breakout winner in the merchant intelligence category by focusing on data quality. Their best-in-class product positioning is evident in their comprehensive merchant coverage, industry-leading accuracy and sub-50ms response times. We believe Spade is uniquely positioned to become the essential data infrastructure for the next decade of financial services, and we are thrilled to support Oban, Tess and the entire Spade team as they scale.”
Allen Miller, Partner At Oak HC/FT
