Spade Secures $10M Series A Funding to Propel Real-Time Fraud Detection Technology
Real-time merchant intelligence for the card ecosystem
In the fast-paced realm of financial technology, Spade, a burgeoning startup led by co-founders Oban MacTavish, Tess Bloch, and Cooper Hart, is making significant strides in the fight against credit card fraud. With billions of daily credit card transactions, the founders recognized the need for real-time transaction intelligence to combat fraudulent activities effectively. Spade's innovative solution involves decoding the intricate strings of data used by card issuers to authorize transactions in a matter of seconds. The company, which recently secured $10 million in Series A funding led by Flourish Ventures, has emerged as an industry leader, returning comprehensive merchant profiles with remarkable speed—under 50 milliseconds and with an impressive accuracy rate of 99%.
CEO MacTavish emphasized a strategic shift towards focusing on fraud detection within the market. As major players in the industry, including Mercury, Sardine, Ramp, and Unit, adopt Spade's technology, the company aims to provide them with the most accurate data for swift transaction authorization, innovative card product development, and improved fraud detection, with potential gains exceeding 15%. The funding injection will be instrumental in doubling Spade's current team, supporting ongoing technology and product development, expanding globally, and catering to the growing demand within the banking industry. MacTavish sees Spade's trajectory guided by its commitment to delivering exceptional value to its clients and anticipates further growth and innovation on the horizon.
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