-28%

est. 2Y upside i

FinTechSeries A

Enriched transaction data you can build on

Rank

#130

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Medium

Spade presents a moderate upside opportunity driven by its strong competitive moat in real-time merchant intelligence and recent partnerships.

Last updated: March 10, 2026

Bull (35%)+350%

Spade successfully expands its client base to include major card issuers and international markets, leveraging its superior speed and data accuracy. Revenue grows to over $20M by 2028, justifying a $540M valuation at a 27x multiple, establishing it as a clear leader in real-time merchant intelligence.

Base (45%)+100%

Spade maintains its strong position within the fintech ecosystem, growing revenue to approximately $14M by 2028. It fends off competitive threats by continuously enhancing its proprietary data and API, leading to a $240M valuation at a 17x multiple.

Bear (20%)-75%

Dominant incumbents like Plaid or MX Technologies aggressively enter Spade's niche, or a new competitor emerges with a similar offering, commoditizing Spade's data. Growth stalls, and a down round or unfavorable acquisition leads to a $30M valuation, wiping out most common stock value due to liquidation preferences.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Investors hold $21.2M in liquidation preferences ahead of common stock, representing 17.67% of the estimated current $120M valuation.

Dilution Risk

high

As a Series A company, Spade will likely undergo at least 1-2 more significant funding rounds, leading to substantial dilution for early common stock holders.

Secondary Liquidity

none

As an early-stage private company, there is typically no active secondary market for employee equity.

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

    “How does Spade plan to maintain its speed and data accuracy advantage as it scales to serve larger enterprise clients and expands internationally, especially given the varying data standards and regulations?”

  • 2

    “With a current revenue of ~$5M and a composite TAM of $27.2B, what are the key strategic initiatives and product roadmap priorities to achieve significant market penetration and accelerate revenue growth over the next 2-3 years?”

  • 3

    “Given the Series A funding and the typical venture capital lifecycle, what is the company's anticipated timeline for future funding rounds and potential liquidity events, and how does the equity compensation plan account for potential dilution?”

Community

Valuation Sentiment

Our model estimates -28% 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.