Meeting the Entrepreneur Using AI to Repair Banking’s Flawed Data Infrastructure

In today’s fast-paced world, where technology is constantly evolving, one entrepreneur is taking on the challenge of fixing banking’s broken data infrastructure with the help of artificial intelligence. Meet Oban MacTavish, the fintech founder behind Spade, a New York City-based startup that is revolutionizing the way banks fight fraud in credit and debit card transactions.

Credit card transactions often carry limited information about the businesses customers are paying, making it difficult for banks to distinguish between legitimate merchants and potential fraudsters. This lack of precise details can lead to significant financial losses for financial institutions. Recognizing this problem, MacTavish, along with Cooper Hart, cofounded Spade to address this critical issue.

Despite advancements in technology, many banks are still relying on data infrastructure from the 1960s, which is no longer sufficient to combat modern-day fraud schemes. Spade uses data partnerships, artificial intelligence, and human review to build extensive databases covering tens of millions of businesses, providing banks with accurate information about merchants, business categories, and locations. This detailed information is invaluable in the fight against credit and debit card crime, which cost banks an estimated $36 billion globally in 2023.

Since its inception three years ago, Spade has grown into an 18-person team processing over $1 billion in monthly transactions for more than 20 customers, including major players like Stripe and Corpay. The startup has raised $16 million in funding, showcasing the growing demand for innovative solutions in the financial sector.

By leveraging the power of AI and data analytics, Spade is helping banks stay ahead of fraudsters and protect their customers’ assets. With its commitment to enhancing banking’s data infrastructure, this entrepreneurial venture is paving the way for a safer and more secure financial ecosystem. As the world of fintech continues to evolve, entrepreneurs like Oban MacTavish are leading the charge in transforming the industry for the better.