He was apprenticed to Russian merchants and shipowners Carhill, Greenwood & Co. but little else is known about his early life except that at the age of ten he was in the care of a clergyman who taught him botany.
He married Elizabeth Blundell in Hull on 30 June 1804 and very soon supported her brother Henry to set up the highly successful oil and colour company Blundell Spence.
He was the father of artist and art dealer William Blundell Spence.
He became interested in entomology when he was 22 and immediately began a correspondence with leading entomologist William Kirby.
With Prefatory Remarks on the Causes and Cure of Our Present Distresses as Originating from Neglect of Principles Laid Down in These Works (London: Hurst, Rees, Orme and Brown, 1822).