General Motors (GM), the largest American automobile manufacturer, has announced its collaboration with Spring Labs. As a result of the partnership, GM will join Spring Labs’ Spring Founding Industry Partners (SFIP) Program, which is designed to further combat fraud, while enhancing ID verification capabilities.
Spring Protocol is a blockchain-based network, developed by Spring Labs with an aim to transform how information and data are shared globally. The protocol works towards “facilitating the exchange of identity, fraud, and risk information among financial institutions to create a more efficient, transparent, and secure ecosystem for consumer financial data”.
Previously, sixteen fintech companies joined the SFIP Program, including such prominent names as SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox, and Better Mortgage.
“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers. Today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program,” said Mike Kanarios, the Chief Strategy Officer at GM Financial.
The first blockchain-powered products, developed by the SFIP Program, are scheduled to launch in the first half of 2019.
“We are excited to partner with GM Financial to create solutions on our developing network to address such vexing economic problems as identity fraud. We look forward to announcing additional significant partnerships in due course,” says Adam Jiwan, the CEO of Spring Labs.
In the spring of 2018, Spring Labs completed a $14.75 million worth seed round, which was led by August Capital, while it had also attracted the participation of Victory Park Capital, GreatPoint Ventures, Pritzker Group Venture Capital, Multicoin Capital, Wavemaker Genesis, and Jump Capital.