Spade has raised $40m in a Series B funding round to accelerate its mission of transforming how financial institutions use transaction data.
The round was led by Oak HC/FT, with participation from Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator.
Founded in 2021, Spade helps banks and FinTechs make sense of the vast volumes of messy transaction data they generate every day. Across card programmes, ACH, and wire transfers, financial institutions process billions of transactions, yet the underlying data is notoriously difficult to interpret without enrichment.
Raw transaction strings are often indecipherable, contributing to high dispute volumes, poor user experiences, and weak reward attribution. Spade addresses this by matching raw data to verified businesses held within its proprietary database, enabling clients to pinpoint exactly where and with whom a transaction took place.
The platform boasts 99.9% coverage of US and Canadian merchants with accuracy exceeding 99%, and its API infrastructure delivers a P99 latency of under 40 milliseconds, positioning it as one of the fastest solutions on the market.
The fresh capital will be used to deepen the platform’s capabilities, grow the team, and meet rising demand from financial institutions and FinTechs that rely on Spade’s transaction data to underpin their AI initiatives.
Spade’s growth trajectory has been notable, with the company recording 470% year-on-year revenue growth and processing as many as 1.9 billion transactions daily. High-profile clients including Stripe, Bilt, and Mercury have embedded Spade across their authorisation, attribution, and analytics workflows, with more than 85% of customers using the platform for multiple mission-critical functions.
At the heart of the platform is a proprietary matching engine powered by advanced AI agents that continuously scan the web and external data sources to plug metadata gaps and remove duplicate records. This self-reinforcing system grows more intelligent with every transaction processed, delivering granular attributes such as precise geolocation and verified merchant categories independent of merchant category codes (MCC).
Spade co-founder and CEO Oban MacTavish said, “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.”
Looking ahead, Spade intends to broaden its offering beyond transaction enrichment towards a full payments intelligence platform, enabling clients to build, manage, and automate workflows that address business-critical challenges — from personalised rewards attribution and real-time customer notifications to behavioural user segmentation.
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