Spade, a leading player in the credit card fraud detection space, has recently secured $10 million in Series A capital as part of its efforts to enhance its transaction intelligence capabilities. The company, founded by Oban MacTavish, Tess Bloch, and Cooper Hart, aims to eliminate credit card fraud by providing card issuers with real-time transaction data. By deciphering the complex string of numbers and letters used to authorize transactions, Spade converts it into clear and actionable information for immediate analysis.
Key Takeaway
Spade, a credit card fraud detection company, has raised
0 million in Series A funding to enhance its transaction intelligence capabilities. By providing real-time data analysis, Spade helps card issuers combat fraud and improve transaction authorization speed. With its industry-leading accuracy rate and growing customer base, Spade is poised for significant growth and expansion.
Real-time transaction intelligence with unparalleled accuracy
Spade’s advanced technology enables it to process transactions and deliver comprehensive merchant profiles in under 50 milliseconds with an impressive accuracy rate of 99%. This industry-leading performance allows Spade’s customers, which include Mercury, Sardine, Ramp, and Unit, to authorize transactions quickly and effectively. Moreover, the accurate data provided by Spade enables these companies to create innovative card products and significantly enhance fraud detection, often seeing improvements of over 15%.
Expanding presence and continued growth
CEO Oban MacTavish has emphasized Spade’s strategic focus on the fraud detection domain, driving the company’s growth in the market. As fraud continues to pose a growing challenge for banks, Spade has experienced a surge in demand for its services. While MacTavish did not disclose specific figures regarding revenue and customer growth, he did express confidence in another year of substantial growth for the company.
The recent funding round, led by Flourish Ventures and featuring participation from Andreessen Horowitz, Gradient Ventures, Y Combinator, Dash Fund, and Everywhere Ventures, will support Spade’s expansion plans. The company aims to double its current team of 13 employees to facilitate further technological advancements, product development, data management, and customer success. Additionally, Spade has its sights set on international expansion, seeking to extend its reach beyond the United States.
