Funding follows 470% year-over-year growth for Spade, with peak daily transaction volume reaching 1.9 billion

NEW YORK–(BUSINESS WIRE)–Spade, the data and AI platform transforming how financial institutions use transaction data, today announced $40 million in Series B funding. The round was led by Oak HC/FT, with participation by Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator. Spade will use the new funding to further deepen platform capabilities, expand the team and meet growing demand from financial institutions and fintechs that rely on Spade’s foundational enhanced transaction data to power AI initiatives.

Spade was founded in 2021 to help banks and fintechs parse through their messy transaction data so that it can be turned into actionable insights. Every day, banks and fintechs process billions of transactions across card programs, ACH, and wires, yet the underlying data remains notoriously difficult to use. Without enrichment, transaction strings are often indecipherable, leading to high dispute volumes, poor user experiences, weak reward attribution, and an inability to effectively leverage the data asset. Spade’s platform solves this by matching raw data to verified businesses in its proprietary database, allowing customers to understand exactly where and with whom a transaction occurred.

Today, Spade’s foundation of enrichment enables banks, fintechs, and enterprises to transform raw transaction records into verified merchant intelligence in real-time. Spade has established itself as the best-in-class solution, delivering 99.9% coverage of U.S. and Canadian merchants with 99%+ accuracy. Built for the most demanding enterprise environments, Spade’s API infrastructure achieves P99 latency of under 40 milliseconds, making it the fastest product on the market. The Spade Platform that sits atop the data foundation allows customers to instantly leverage Spade for mission critical workflows across authorization decisioning, attribution, and analytics.

“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, cofounder and CEO of Spade. “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.”

The platform leverages a proprietary matching engine and advanced AI agents that continuously scan the web and external data sources to fill metadata gaps and eliminate duplicate records. This “flywheel” effect ensures the database becomes more intelligent with every transaction processed, providing granular attributes such as precise geolocation, and verified merchant categories not reliant on MCC. The enriched data powers high-value workflows across rewards attribution, authorization decisioning, analytics and AI initiatives, and user experience that depend on clean data to function.

Last year, Spade achieved 470% YoY revenue growth, processing as many as 1.9 billion transactions daily, with leading financial institutions and companies, including Stripe, Bilt, and Mercury, relying on Spade’s transaction enrichment. For these customers, Spade isn’t a point solution; it is core infrastructure, embedded across authorization, attribution, and analytics workflows. Today, more than 85% of Spade customers use the platform for multiple mission-critical workflows.

“Spade has emerged as the clear breakout winner in the merchant intelligence category by focusing on data quality,” said Allen Miller, Partner at Oak HC/FT. “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.”

With the new funding, Spade will continue to expand beyond transaction enrichment to provide a full payments intelligence platform. Rather than simply returning enriched transaction data, the platform enables customers to create, manage, and automate workflows that solve business critical problems. From powering personalized rewards attribution and identifying transactions that require real-time customer notifications to segmenting users based on behavioral insights, Spade will be the platform that drives meaningful business impact for the financial ecosystem.

To learn more about Spade, please visit https://spade.com/

ABOUT SPADE
Spade is a data and AI platform that turns messy transaction strings into structured, verified records — and gives teams the tools to act on it across authorization, attribution, analytics, and AI initiatives. Spade leads the market in terms of merchant coverage, matching accuracy, geolocation data, and speed of transaction enrichment. Customers such as Bilt, Mercury and Stripe, alongside many other leaders in fintech and financial services, trust Spade’s data to enable personalized rewards programs, accurate applied spending rules, precise analytics requests, and innovative AI-powered features.

About Oak HC/FT
Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in 120 portfolio companies and has more than $7 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at www.oakhcft.com.

Contacts

Media Contact
Aaron Berger for Spade
917 355 8959
aaron@am.partners

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