en.Wedoany.com Report on Mar 25th, Spade, a data and artificial intelligence platform, announced the completion of a $40 million Series B funding round. This round was led by Oak HC/FT, with participation from Andreessen Horowitz, Flourish, Gradient, NAventures (the corporate venture capital arm of National Bank of Canada), and Y Combinator. The new capital will be used to deepen platform functionality, expand the team, and meet the demand from financial institutions and fintech companies for enhanced transaction data to drive AI projects.

Founded in 2021, Spade is dedicated to helping banks and fintech companies parse messy transaction data and transform it into actionable insights. The platform provides accurate transaction information by matching raw data to verified businesses in its proprietary database. The platform excels in merchant coverage, matching accuracy, geographic location data, and transaction enrichment speed, supporting 99.9% coverage for merchants in the US and Canada, with accuracy exceeding 99%, and its API infrastructure achieves P99 latency of less than 40 milliseconds.

Oban MacTavish, Co-founder and CEO of Spade, said, "This funding enables us to become the default data and intelligence layer for financial services. As AI applications accelerate, banks need detailed, verified, and structured consumer behavior based on enriched transaction data to automate workflows, and Spade is providing that support." Allen Miller, Partner at Oak HC/FT, added, "By focusing on data quality, Spade has become a breakout winner in the merchant intelligence category, and we believe it is uniquely positioned to be the foundational data infrastructure for financial services in the coming decade."

Last year, Spade achieved 470% year-over-year revenue growth, processing up to 1.9 billion transactions daily, with clients including leading institutions such as Stripe, Bilt, and Mercury. Over 85% of clients use the platform to handle multiple critical workflows, such as authorization decisions, attribution, and analysis. With the new funding, Spade will continue to expand its transaction enrichment services, build a comprehensive payment intelligence platform, and drive meaningful business impact across the financial ecosystem.