Spade Raises $40M Series B for Payment Transaction Data Infrastructure

Spade, a U.S.-based payment data infrastructure company, closed a $40 million Series B funding round led by Oak HC/FT in March 2026. Andreessen Horowitz and Y Combinator also participated in the round. Spade's platform transforms raw payment transaction data into enriched, structured data, achieving 99.9% coverage of merchants in the U.S. and Canada.

This capability is critical for BaaS providers, banks, and fintechs that need accurate merchant categorization for fraud detection, spend analytics, and personalized financial products. The investment underscores growing demand for data enrichment layers that sit within embedded finance stacks. By improving the quality of transaction data, Spade enables downstream players to build better underwriting, compliance, and customer experience tools.

The round positions Spade as a key infrastructure player supporting the broader BaaS and embedded payments ecosystem.