Spring Labs Raises $15 Million to Build Credit Data Blockchain

Spring Labs, an identity- and credit-focused blockchain startup, has raised $14.75 million in a seed funding round.

AccessTimeIconMar 27, 2018 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 7:44 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Spring Labs, a blockchain startup that aims to decentralize the data-sharing process in the credit industry, has raised $14. 75 million in a seed funding round.

According to an announcement Tuesday, the Los Angeles and Chicago-based firm said the round was led by August Capital, with other software- and blockchain-focused capital firms also participating.

The investment will be used to continue development of the company's blockchain platform in the coming months, as well as to grow its core development team, the firm said.

Spring Labs was first set up in 2017 by the founding and board members of Avant, a personal loan platform in which August Capital also has a stake.

The firm aims to use its proprietary blockchain called Spring Network to exchange identity- and credit-related information using smart contracts in bid to bring data efficiency and regulatory transparency to the process.

Initially, the startup said it is eyeing a collaboration with Avant to test the firm's existing workflow between its personal loan platform and banking partners over the envisioned blockchain system.

Eric Carlborg, Partner at August Capital, said in the statement:

“We see a huge opportunity here to improve the infrastructure of the global credit ecosystem in a more decentralized and secure way, with the right incentives in place to drive participation and information sharing."

U.S. dollars image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.