Spade Raises $40 Million to Drive Transaction Data Analysis

Spade raised $40 million in a Series B funding round to grow its platform that helps banks and FinTechs turn transaction data into actionable insights.

The company will use the new funding to deepen the capabilities of the platform and expand its team, it said in a Tuesday (March 24) press release.

Spade’s platform matches the raw data from card programs, ACH and wires to verified businesses in its proprietary database. With this information, Space customers can understand where and with whom each transaction occurred, according to the release.

The enriched data enables rewards attribution, authorization decisioning, analytics and artificial intelligence (AI) initiatives, and user experiences that require clean data, the release said. Spade’s platform delivers 99.9% coverage of U.S. and Canadian merchants with more-than-99% accuracy, the release added.

Spade was founded in 2021. In 2025, the company achieved 470% year-over-year revenue growth and processed as many as 1.9 billion transactions a day, per the release.

“As AI adoption accelerates, banks can only move forward toward fully automated, agentic workflows if those systems are built on detailed, verified and structured consumer behavior powered by enriched transaction data,” Spade Co-founder and CEO Oban MacTavish said in the release. “Spade delivers just that.”

Allen Miller, partner at Oak HC/FT, which led the funding round, said in the release that Spade’s focus on data quality has made the firm “the clear breakout winner” in the merchant intelligence category.

Miller added that Spade is “uniquely positioned to become the essential data infrastructure for the next decade of financial services.”

Spade’s latest funding round followed a December 2023 Series A in which the company raised $10 million.

In February 2025, Spade announced that it partnered with Stripe to power enriched merchant data that Stripe Issuing customers can use to gain greater visibility, security and control over their card programs.

During the same month, Spade teamed up with Bilt to provide enriched transaction data that helps enhance Bilt’s reward offerings and user experience.

The PYMNTS Intelligence and Fiserv collaboration “GenAI Applications in Retail Transaction Analysis: Industry Trends and Insights” found that the emergence of generative AI has amplified the potential of transaction data and turned it into a lever for innovation, customer engagement and profitability.