FinTech firms sign up for Spring Labs initiative

"As an ever-increasing amount of financial transactions move online, new types of mission-critical fraud and ID verification solutions based on information sharing must be developed," says Noah Breslow, CEO of OnDeck Capital. "We believe the team at Spring Labs has the right background to galvanise industry leaders around the creation of a new and innovative network"

US-based blockchain startup Spring Labs has announced that 16 FinTechs, including SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox and Better Mortgage, have joined its Spring Founding Industry Partners (SFIP) Programme to combat fraud and enhance their ID verification capabilities.

Spring Labs, which last year raised $14.75 million in funding, is in addition to SFIP, building a blockchain-based network designed to allow participants to exchange information about data without having to share the underlying data itself

“We are extremely excited about the initial partners and this is an incredible opportunity to expand the development of the Spring Network,” says John Sun, President and Chief Product Officer of Spring Labs. “We have plans to include other verticals in the near future, and look forward to announcing those partnerships in the coming months.”

The venture made the headlines last year when it revealed that Gary Cohn, former Director of the US National Economic Council and former President and Chief Operating Officer of Goldman Sachs, had come onboard as an advisor.


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