Spade and Oak HC/FT Close $40 Million Series B to Power AI-Driven Transaction Insights
New York, United States – March 24, 2026 — Spade announced $40 million in Series B funding led by Oak HC/FT to deepen platform capabilities and expand its team. The round fuels enhancements in transaction data matching for banks and fintechs. The announcement follows 470% year-over-year revenue growth in 2025, with peak daily volumes hitting 1.9 billion transactions.
Overview
Spade, founded in 2021 and based in New York City, closed the Series B on March 24, 2026. The platform matches raw transaction data from card programs, ACH, and wires to verified businesses, achieving 99.9% coverage of U.S. and Canadian merchants with over 99% accuracy. It supports rewards attribution, authorization decisions, analytics, AI initiatives, and user experiences. Partners include Stripe for enriched merchant data and Bilt for rewards enhancements.
Deal Details
Spade, founded in 2021 and based in New York City, closed the Series B on March 24, 2026. The platform matches raw transaction data from card programs, ACH, and wires to verified businesses, achieving 99.9% coverage of U.S. and Canadian merchants with over 99% accuracy. It supports rewards attribution, authorization decisions, analytics, AI initiatives, and user experiences. Partners include Stripe for enriched merchant data and Bilt for rewards enhancements.
Executive Perspectives
“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 delivers just that.”
— Oban MacTavish, Co-founder and CEO at Spade
Why it matters: The statement positions Spade as foundational infrastructure for AI transformations in finance, addressing data silos that hinder automation at enterprise scale.
“Spade is uniquely positioned to become the essential data infrastructure for the next decade of financial services.”
— Allen Miller, Partner at Oak HC/FT
Why it matters: Investor confidence signals Spade’s scalability amid rising demand for precise financial data across the merchant intelligence category.
Industry Context
The fintech sector increasingly relies on enriched transaction data to power AI agents, fraud detection, and personalized services. With transaction volumes exploding, firms like Spade bridge the gap between unstructured strings and actionable insights. The merchant intelligence niche validates data accuracy as a competitive edge for banks and fintechs adopting AI at scale. Focus remains North America, with no MENA hubs mentioned in current operations.
Conclusion
The $40 million infusion sets the stage for platform evolution and team expansion, cementing Spade’s role as foundational infrastructure for AI-powered finance. The company’s 1.9 billion daily transaction capacity signals readiness for enterprise-scale AI adoption across rewards and analytics workflows.
Sources: PYMNTS, Business Wire, Axios, FinSMEs
