Blockchain Startup Spring Labs Raises $23M USD In Series A Funding

Investing, News | June 13, 2019 By:

Blockchain startup Spring Labs has raised $23 million in a Series A funding round led by GreatPoint Ventures. The round also saw significant participation from existing investors, including August Capital, as well as General Motors Ventures, the corporate venture capital arm of General Motors, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks.

Founded in 2017 by members of the founding team and board of lending platform Avant, Spring Labs is developing the Spring Protocol, a blockchain platform designed to transform how information and data are shared globally. The initial use case for the protocol will facilitate the exchange of identity, fraud, and risk information among financial institutions to create a more efficient, transparent, and secure ecosystem for consumer financial data than the one that exists today.

Spring Labs said that latest capital will enable the company to accelerate the development of new products as well as the Spring Protocol itself.

“We’re excited to expand our relationship with GM Financial, which has demonstrated its commitment to innovation and collaboration over the past year, playing an active role in the evaluation of products and use cases on the Spring Protocol,” said Adam Jiwan, CEO and Co-Founder of Spring Labs.

The company is currently building products on top of the Spring Protocol, including Spring Verify for enhanced identity verification, Spring Defense for fraud monitoring and mitigation, and Spring Protect for loan stacking prevention. These products are designed to improve customer on-boarding processes by reducing costs while improving data availability, security and granularity.

“GM financial is excited to deepen its relationship with Spring Labs, and we look forward to the launch of the Spring products as we believe they have the potential to better protect our customers from fraudulent activity,” said Mike Kanarios, Chief Strategy Officer at GM Financial.