Drain soaked cashews. Add cashews, 1/2 cup water, garlic and lemon juice to a food processor. Process for 2-3 minutes, or until very smooth, stopping to scrape down sides as needed.
Add all remaining ingredients to a large mixing bowl. Pour cashew mixture over ingredients and stir to combine.
Pour mixture into an 8x8 inch baking dish and spread evenly throughout dish. Transfer to preheated oven and bake for 25 minutes.
Remove from oven, sprinkle with smoked paprika (if desired) and enjoy warm.
Notes
Fresh spinach may be used in place of frozen, though frozen typically offers the best color. Store leftover dip covered in the refrigerator for up to 1 week.