Spade raises $40M in Series B

Spade has secured $40 million in a Series B funding round, led by investment firm Oak HC/FT, to enhance its technology used by banks and financial technology companies for transaction data analysis. The funds will be directed towards expanding Spade's platform capabilities and increasing its workforce, positioning the company strategically within the financial data services market.

Founded in 2021, Spade is pioneering efforts in converting raw transactional data, such as card programs, Automated Clearing House (ACH), and wire transfers, into insightful analytic tools for its clients. The company's platform reportedly covers 99.9% of merchants across the U.S. and Canada with an accuracy exceeding 99%. This level of precision supports various functionalities, including rewards attribution, authorization decision-making, and the enhancement of AI-driven projects. The firm experienced significant growth in 2025, achieving a 470% increase in revenue year-over-year and handling up to 1.9 billion transactions daily.

The infusion of capital comes as Spade continues to align itself with the accelerating adoption of AI in the financial sector. The company's co-founder and CEO emphasized that Spade’s enriched data as a foundation is essential for the move towards automated and intelligent financial systems. The new funding supports Spade’s ambition to solidify its role as critical infrastructure in the evolution of financial services.

Spade’s latest investment round follows a $10 million raise in late 2023, underscoring the company's rapid expansion and growing influence. Strategic collaborations, such as those with major players like Stripe Issuing and programs like Bilt, reveal Spade's commitment to delivering enriched transaction insights that bolster rewards programs and enhance user experiences.

Looking ahead, Spade's progress will be closely monitored as it integrates this new capital towards operational scaling and platform advancement. The market's response to Spade’s enriched data solutions amid the wider fintech ecosystem will be pivotal, particularly as data quality and AI integration remain at the forefront of digital banking innovation.