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Blockchain startup Spring Labs raises $23M to stop auto financing fraud

Thu, 13 Jun 2019, 05:23 am UTC

U.S.-based blockchain startup Spring Labs has raised $23 million in a Series A funding round led by Great Point Ventures and participation from current investors, including, August Capital, General Motors-backed General Motors Ventures, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks.

According to its press release, the proceeds will be used to enhance its blockchain-based Spring Protocol, which enables network participants to exchange valuable data without sharing underlying sources.

The funds will also help develop the company’s three other products that aim to address the issues of fraud in the auto financing sector, which has incurred losses of between $4–6 billion per year because of auto credit established with fake identification credentials.

Fraud is a big business, and developing technologies that really can alter the economics of fraud and therefore can dramatically lower fraud costs is one that all financial institutions are quite interested in,” Spring Labs CEO Adam Jiwan told Forbes.

The new products set to be introduced are Spring Verify, Spring Defense, and Spring Protect, which are, respectively, designed to boost identity verification, monitor fraud and mitigation, and prevent loan stacking.

These products, which are built on blockchain and anonymization technologies that use advanced cryptography, will secretly supply information to lenders for different financing activities such as unsecured consumer lending, small business lending, credit card issuance, and secured auto lending.

This is not the first time for General Motors and Spring Labs to work together. Earlier this year, General Motors Financial Company, the financial services arm of General Motors, joined the Spring Founding Industry Partners (SFIP) program of Spring Labs.

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