Spade Secures $40M Series B to Expand AI-Powered Transaction Data Platform

Spade announced $40 million in Series B funding led by venture and growth equity firm Oak HC/FT, with participation from Andreessen Horowitz, Flourish, Gradient, NAventures (the corporate venture arm of National Bank of Canada), and Y Combinator. The New York-based company, founded in 2021, has now raised a total of $61 million in reported equity funding. The capital will be deployed to deepen platform capabilities, expand the engineering and sales teams, and accelerate adoption of Spade's enriched transaction data for AI-driven workflows among financial institutions and fintechs.

Spade addresses a critical infrastructure challenge in modern finance by converting messy, fragmented transaction strings into structured, verified merchant data that banks and fintechs can leverage for fraud detection, analytics, and AI applications. The company's database delivers 99.9% U.S. and Canadian merchant coverage and processes up to 1.9 billion transactions daily. The funding reflects growing demand from financial institutions seeking to unlock actionable insights from transaction data to power their AI initiatives and improve payment data management at scale.