We are honored to announce that Oak is leading Spade's $40 million Series B, alongside Andreessen Horowitz, Flourish, Gradient, YC, and others. This investment reflects our deep conviction in Oban MacTavish, Tess Bloch, and the platform they have built to solve one of the most stubborn infrastructure problems in modern fintech.
Every major AI initiative inside a financial institution eventually runs into the same fundamental issue. The underlying data they have isn't clean enough to build on. Fraud models misfire. Personalization falls flat. Agentic workflows stall. The problem isn't the models, it's the foundation. What those systems need is structured, verified, real-time intelligence about what a transaction actually represents. That's a harder problem than it sounds, and almost no one has solved it at scale.
Spade has stepped in to lead the fundamental transformation in how modern financial institutions can understand and act on transaction data.
Spade works by transforming raw transaction records into verified merchant intelligence in real time, with 99.9% coverage across U.S. and Canadian merchants and over 99% accuracy. The data stays up to date and verified via Spade AI agents that continuously scan the web, leverage an extensive network of partners and external data sources to validate meta-data, and eliminate duplicates. For the banks, fintechs, and payment platforms building on top of Spade, this isn't a feature. It's the data and AI layer everything they build depends on.
What makes Spade's position durable isn't just the accuracy, coverage, or speed, it's the compounding. Their proprietary matching engine continuously gets better as they onboard more customers who provide more reinforcement learning. Every transaction processed makes the system smarter. That flywheel, run long enough, becomes a moat that's nearly impossible to replicate. Customers aren't using Spade as a point solution. They're using it because their most critical workflows, authorization, attribution, analytics, and personalized rewards can't run without it.
The team is what ultimately made us move to invest. Over the last three years, we’ve watched co-founders Oban MacTavish and Tess Bloch build the company with genuine technical depth and the commercial discipline to match. Oban has spent years building expertise in transaction data, which gives him credibility with the largest financial institutions in the world. This is not the kind of credibility you manufacture, but rather the kind you earn by knowing the problem better than anyone in the room. Tess brings a complementary rigor to the business side, with the operational maturity to scale a team and a balance sheet with equal precision. Together, they've achieved 470% year-over-year growth while remaining remarkably capital-efficient, even while closing many of the world’s largest and most influential financial institutions as customers.
This round marks the beginning of a broader transition. In this new era of building, with companies looking to move beyond transaction enrichment to a comprehensive payments intelligence platform and AI-powered actions, Spade's customers are able to build automated, intelligent workflows on top of their proprietary data.
The next decade of fintech will be built by institutions that can actually see what's happening in their data in real time, at scale, with enough accuracy to act on it. Spade is how that happens. We're proud to be building it with them.