Spade, a NYC-based provider of a data and AI platform for financial institutions, has raised $40 million in a Series B funding round led by Oak HC/FT.
The round also saw participation from Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator.
The company plans to use the funds to improve its platform, grow its team, and meet increasing demand from banks and fintechs that use its transaction data to enhance AI projects.
Spade is a data and AI platform that helps banks and fintechs make sense of their messy transaction data and turn it into useful insights. Every day, these institutions process billions of transactions, but the raw data is often confusing and hard to use, causing disputes, poor user experiences, and weak reward tracking. Spade fixes this by matching transactions to verified businesses in its proprietary database, so customers can clearly see where and with whom each transaction happened.
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Spade turns raw transaction data into verified merchant information in real time for banks, fintechs, and enterprises. It covers 99.9% of U.S. and Canadian merchants with over 99% accuracy. Designed for demanding enterprise use, Spade’s API responds in under 40 milliseconds, making it the fastest solution available. On top of this data foundation, the Spade platform enables customers to quickly leverage the information for key workflows such as authorization, attribution, and analytics.
Spade uses a proprietary matching engine and advanced AI to scan the web and other data sources, filling gaps and removing duplicate records. This “flywheel” approach makes the database smarter with every transaction, providing detailed information such as exact locations, and verified merchant categories beyond standard codes. The enriched data supports key workflows in rewards, authorization, analytics, AI and user experience that rely on clean data.
Last year, Spade grew revenue 470% year-over-year and processed up to 1.9 billion transactions daily. Top financial institutions and companies, including Stripe, Bilt, and Mercury, depend on Spade for transaction enrichment. For these customers, Spade is core infrastructure, used across authorization, attribution, and analytics workflows, with over 85% of clients using it for multiple critical functions.
“Oban MacTavish, cofounder and CEO of Spade, said the funding will help the company become the go-to source for data and insights in financial services. He explained that as AI use grows, banks need detailed, verified, and structured transaction data to run fully automated systems, and Spade provides exactly that.”
“Allen Miller, Partner at Oak HC/FT, said Spade stands out in merchant intelligence by prioritizing data quality. He noted its wide merchant coverage, high accuracy, and fast response times. He added that Spade is well-positioned to become a key data infrastructure for financial services over the next decade, and they are excited to support Oban, Tess, and the Spade team as they grow.”
About Spade
Founded in 2021 by Oban MacTavish, Spade is a data and AI platform that transforms messy transaction data into structured, verified records and provides tools for authorization, attribution, analytics, and AI projects. Spade leads the market in merchant coverage, accuracy, location data, and speed. Customers like Bilt, Mercury, and Stripe, along with other fintech and financial services leaders, rely on Spade’s data for personalized rewards, accurate spending rules, precise analytics and innovative AI features.
About Oak HC/FT
Founded in 2014 by Annie Lamont and Andrew Adams, Oak HC/FT is a venture and growth equity firm that invests in fintech and healthcare. The firm works closely with companies and founders at all stages, from seed to growth, to build businesses with lasting impact. Oak HC/FT has invested in 120 companies and manages over $7 billion in assets. The firm is based in Stamford, CT, with an office in San Francisco, CA.
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