+54%

est. 2Y upside i

FinTechAI & MLSeries B

Enriched transaction data you can build on

Rank

#1588

Sector

Fintech, Data & AI Platform

Est. Liquidity

~4Y

Data Quality

Data: Low

Spade is a technically differentiated Series B fintech data platform with blue-chip customer validation (Stripe, Mercury) and a $40M raise from Oak HC/FT in March 2026 — credible signals of early product-market fit.

Last updated: May 13, 2026

Bull (33%)+150%

Spade converts its Stripe, Mercury, and Bilt relationships into an enterprise-grade distribution moat, scaling ARR 4x+ to command a $450-500M Series C valuation or strategic acquisition at a 10-12x revenue multiple within 3-4 years. Common equity appreciates ~150% net of one dilutive raise, supported by the 80% gross margin profile and 16.8%-growing $9.7B TAM.

Base (44%)+40%

Spade grows steadily into its $1.94B SAM and raises a Series C at roughly $280-300M within 3 years; common stock appreciates ~40% after dilution. The $61.2M preference stack consumes ~20% of exit proceeds at this valuation, meaningfully compressing common returns relative to headline enterprise value.

Bear (23%)-55%

Revenue growth disappoints below Series B investor expectations, forcing a flat or down round at $100-150M; with $61.2M in liquidation preferences absorbing 40-60% of proceeds, common equity is worth roughly -55% of entry price. Plaid or MX expand into real-time enrichment, commoditizing Spade's core offering before it reaches scale.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

31%

$61.2M in total liquidation preferences sits against an estimated ~$200M post-money Series B valuation, representing a ~30.6% overhang that absorbs a disproportionate share of exit proceeds below $250M.

Dilution Risk

high

With 33 employees at Series B, Spade will almost certainly raise a Series C ($50-80M range) within 2-3 years, likely diluting common stockholders by an additional 15-25% before any liquidity event.

Secondary Liquidity

none

No secondary market activity or tender offer signals are present; common equity is effectively illiquid for at least 3-5 years given the company's current stage and undisclosed financials.

Other — 4 roles

View all 4 open roles at Spade →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Spade's data — designed to show you've done your homework.

  • 1

    “What is Spade's current ARR and net revenue retention rate, and how does the per-swipe usage model translate into predictable recurring revenue at your top 10 customers?”

  • 2

    “How does the revenue mix break down between usage-based and subscription/platform fees, and what does the gross margin profile look like by customer segment or cohort?”

  • 3

    “What is the post-money valuation from the Series B, what does the full liquidation preference waterfall look like across all funding rounds, and has the company conducted any secondary transactions or tender offers for employees?”

Community

Valuation Sentiment

Our model estimates +54% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.