Spade has raised $40 million in Series B funding as it looks to expand its data and AI platform for modern financial services. 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.

The funding comes after a year of rapid growth for the New York company. Spade said it posted 470% year over year growth and reached peak daily transaction volume of 1.9 billion. The company plans to use the capital to strengthen its platform, grow its team, and serve rising demand from banks, fintechs, and other financial institutions.

Why Transaction Data Still Causes Problems

Spade was founded in 2021 to help banks and fintech companies make sense of transaction data that is often messy, incomplete, and difficult to use. Financial institutions process billions of transactions every day across card programs, ACH, and wires, but the underlying records are often hard to interpret in a useful way.

That creates real business problems. Unclear transaction strings can lead to more disputes, weaker customer experiences, poor rewards attribution, and missed chances to use data more effectively. Spade addresses that by matching raw transaction data to verified businesses in its own proprietary database, giving customers a clearer picture of where a purchase happened and who received the payment.

Clean transaction data is no longer a nice extra. It is becoming a base requirement for banks that want to automate more of their operations.

“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, cofounder and CEO of Spade.

Built for Speed, Accuracy, and Enterprise Use

Spade says its platform turns raw transaction records into verified merchant intelligence in real time. The company reports 99.9% coverage of U.S. and Canadian merchants with 99%+ accuracy. Its API infrastructure is also built for low latency, with P99 latency under 40 milliseconds, which the company says makes it the fastest product in its category.

The platform uses a proprietary matching engine along with AI agents that scan the web and external data sources to fill metadata gaps and remove duplicate records. That process helps improve the quality of the database over time. Customers can then use enriched data for rewards attribution, authorization decisioning, analytics, customer notifications, AI initiatives, and broader user experience improvements.

Where the New Capital Will Go

With the new funding, Spade plans to move beyond transaction enrichment and build out a broader payments intelligence platform. Instead of simply returning cleaner transaction data, the company wants its platform to help customers create, manage, and automate workflows tied to business problems that matter.

That includes use cases such as personalized rewards attribution, identifying transactions that need real time customer alerts, and segmenting users based on behavioral data. The company also plans to continue expanding its platform capabilities and hiring, as more financial institutions look for better data infrastructure to support AI and automation efforts.

The main goal is clear: Spade wants to sit deeper inside the operating stack of banks and fintechs, not just serve as a data vendor.

Growth, Customers, and Market Position

Spade says more than 85% of its customers now use the platform for multiple mission critical workflows. That suggests the product is being used as core infrastructure rather than as a narrow point tool. Customers include Stripe, Bilt, and Mercury, all of which rely on transaction enrichment to support internal systems and customer-facing products.

The company says its data is used for personalized rewards programs, applied spending rules, analytics, and AI-powered features. That broad set of use cases has helped Spade make a stronger case to financial institutions that need clean, structured transaction data across several parts of their business.

“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.

The Backers Behind the Round

The Series B was led by Oak HC/FT, with support from Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator. The mix includes established venture firms and strategic investors with strong exposure to fintech and financial infrastructure.

Founded in 2021, Spade has positioned itself as a provider of data infrastructure for banks, fintechs, and enterprises that need better merchant intelligence from transaction records. The company says its focus on merchant coverage, matching accuracy, geolocation data, and speed has helped it win customers across the financial services market.

Origianl Creator: Paulo Palma
Original Link: https://justainews.com/companies/funding-news/spade-raises-40m-series-b-for-finance-ai-platform/
Originally Posted: Tue, 24 Mar 2026 13:50:51 +0000