Spring Labs builds the Spring Protocol, a blockchain-based data-sharing platform intended to enable richer, privacy-preserving exchanges of consumer financial and identity information for credit decisions, identity verification, fraud prevention and underwriting. The company aims to help lenders predict creditworthiness for people outside traditional credit-bureau systems and to allow competitive parties to collaborate anonymously for common-good outcomes. Management says the technology can unlock siloed data, support unique information-sharing networks, and potentially bridge the digital asset world and the regulated financial ecosystem. Spring Labs is raising a $30 million Series B led by TransUnion; the majority of the round has been funded but it had not officially closed and the valuation was not disclosed. Partnering with TransUnion gives Spring Labs access to TransUnion’s sales force and more than 10,000 contracted financial-institution customers, and TransUnion has positioned the investment as strategic as well as financial. The company previously raised a $23 million Series A in June 2019 and has added Brian Brooks as its first independent director. Spring Labs develops the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data. Its initial use case is to facilitate the exchange of identity, fraud, and risk information among financial institutions to create a secure ecosystem for consumer financial data. The company intends to use proceeds from its financing to accelerate development of new products and the Spring Protocol itself. Spring Labs raised $23M in a Series A led by GreatPoint Ventures with participation from multiple investors. Founded in 2017 by CEO Adam Jiwan, the company is based in Chicago, IL and Los Angeles, CA. Following the investment, GreatPoint Ventures founder Andrew Perlman will join Spring Labs' board of directors. Spring Labs is developing the Spring Network, a blockchain-based platform designed to allow lenders, banks and data providers to share credit and identity information. The network is planned as a second-generation blockchain that will incorporate both public and permissioned nodes to meet regulatory and compliance needs. It will use privacy-preserving smart contracts to enforce information security and manage data-sharing. The company will use the seed funding to build its platform and to expand its engineering team. Spring Labs is led by CEO Adam Jiwan and is based in Los Angeles, CA and Chicago, IL. The article reports the company raised $14.75M in seed funding to support these efforts.

Total raised

$68M

Funding rounds

3

Latest round

Series B

Latest activity

May 2021