Spade has raised $40 million in their Series B funding round that was led by Oak HC/FT, with support from Andreessen Horowitz, Flourish, and others, in order to develop its AI-driven transaction data platform further and respond to the rising demand from banks and fintechs. Selling its services since 2021, Spade solves a major problem in the financial services industry by converting disjointed and unformatted transaction data into reliable, useful merchant data. The company’s offering is based on pairing unprocessed transaction data with independently checked businesses, providing immediate data which is beneficial for user experience, disputes reduction, and improved analytics and decision-making.
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“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,” said Oban MacTavish. With 99.9% merchant coverage and high-speed API performance, Spade supports mission-critical workflows across authorization, attribution, and analytics, processing up to 1.9 billion transactions daily. The company plans to evolve into a full payments intelligence platform, enabling automated, AI-driven workflows that deliver measurable business impact across the financial ecosystem.
