Spring Labs, a Los Angeles startup that aims to help financial institutions with identity verification, raised $14.75 million in early-stage investment. “That does give them the luxury of being able to raise money.” Spring Labs is August Capital’s first blockchain startup investment. Spring Labs’ blockchain platform, the Spring Network, aims to streamline such processes by getting financial institutions to share identity data with each other in a secure way. In the long run, Spring Labs could also compete head-to-head with credit bureaus like Equifax, Experian and TransUnion. Avant is the first company to participate, and Spring Labs says it will announce others in the coming months.

Source: Forbes March 27, 2018 13:41 UTC