Spade raises $40m to build data and AI platform

Andreessen Horowitz, Flourish, Gradient, NAventures, National Bank of Canada’s corporate venture arm, and Y Combinator joined the round.

Spade was founded in 2021 to help banks and fintechs parse through their messy transaction data so that it can be turned into actionable insights. These firms process billions of payments across card programmes, ACH, and wires, yet without enrichment transaction strings are often indecipherable, leading to high dispute volumes, poor user experiences, and weak reward attribution.

Spade’s platform claims to solve this by matching raw data to verified businesses in its proprietary database, allowing customers to understand exactly where and with whom a transaction occurred.

The firm boasts that it delivers 99.9% coverage of US and Canadian merchants with 99%+ accuracy, propelling it to 470% year-on-year revenue growth, processing as many as 1.9 billion transactions daily and working with big names such as Stripe, Bilt, and Mercury.

With the funding in place, Spade says it will continue to expand beyond transaction enrichment to provide a full payments intelligence platform. Rather than simply returning enriched transaction data, the platform enables customers to create, manage, and automate workflows that solve business critical problems.

“This funding allows us to become the default data and intelligence layer for financial services, and we’re thrilled to be backed by investors who deeply understand the value of transaction data.” says Oban MacTavish, CEO, Spade. “As AI adoption accelerates, banks can only move toward fully automated, agentic workflows if those systems are built on detailed, verified, and structured consumer behavior powered by enriched transaction data. Spade delivers just that.”