Spade Raises $40M Series B for Finance AI Platform

Why It Matters

Clean, real‑time transaction data is becoming essential for banks to automate operations and deliver AI‑powered services, making Spade’s platform a strategic infrastructure asset.

Key Takeaways

• $40M Series B led by Oak HC/FT.
• 470% YoY growth; 1.9B daily transactions.
• 99.9% merchant coverage, 99%+ accuracy, <40ms latency.
• Customers include Stripe, Bilt, Mercury; 85% multi‑workflow usage.
• Expanding toward payments intelligence and automated workflow platform.

Pulse Analysis

Financial institutions process billions of daily transactions, yet the raw data is often fragmented, mislabeled, or missing critical metadata. This opacity hampers dispute resolution, rewards attribution, and the automation of core banking workflows. Spade’s platform tackles the problem by matching raw transaction strings to a proprietary, continuously enriched merchant database, delivering structured, verified data in real time. By turning noisy records into actionable intelligence, the company positions itself as a foundational data layer for the next wave of AI‑driven banking services. As regulators push for greater transparency, clean data also mitigates compliance risk.

The company’s technical credentials reinforce that claim. Spade reports 99.9% coverage of U.S. and Canadian merchants with over 99% accuracy, and its API delivers sub‑40‑millisecond P99 latency, making it the fastest solution in the merchant‑intelligence space. Such performance is critical for real‑time authorization decisions and personalized customer experiences. The $40 million Series B, led by Oak HC/FT and backed by Andreessen Horowitz and other fintech‑savvy investors, validates the market’s appetite for high‑quality transaction data infrastructure. The backing also opens doors to strategic partnerships with large banks seeking to modernize their data stacks.

Spade’s rapid growth—470% year‑over‑year and a peak daily volume of 1.9 billion transactions—has already attracted marquee clients such as Stripe, Bilt and Mercury, with more than 85% of users deploying the API across multiple critical workflows. The fresh capital will fuel expansion beyond pure enrichment toward a broader payments‑intelligence platform that can automate alerts, segment users, and power AI‑driven product features. If the firm succeeds, it could become the de‑facto data backbone for banks and fintechs, reshaping how the industry builds automated, agentic financial services. Long‑term, such a data layer could enable new revenue streams through value‑added analytics services.