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General Motors partners with a Blockchain startup company to fight against identity fraud

General Motors Financial, the financial arm of the vehicle giant, said yesterday that it is partnering with Spring Labs, a company that begins to operate with block chains, in solutions for identity verification.

In addition, the new company, which has former Trump economic adviser Gary Cohn on its advisory board, said GM is exploring the acquisition of a stake along with other use cases. A GM Financial spokesperson declined to comment on the possibility of GM or its subsidiary becoming a shareholder of Spring Labs.

“We are actively exploring the development of cases of a self-financing and specific use of GM, in addition to the identity verification products that are being developed,” said co-founder and CEO Adam Jiwan through a spokesperson.

He added that the Blockchain Spring Labs network, which is currently being worked on, will be available in private beta for partners in the third quarter of the year, and that the live network is scheduled to launch in early 2020.

SFIP Program

In a press release, Mike Kanarios, director of the strategy at GM Financial, said:

The 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.

The Spring Founding Industry Partners (“SFIP”) program aims to create a solution that meets the standards for identity verification and identity fraud prevention.

Spring Labs recently announced the enrollment in the program of several fintech companies, such as SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Foundation, Upgrade, Fundbox, and Better Mortgage.

“Ultimately, this network is designed to transform the way information and data are shared globally,” explained the GM press release.

About Spring Labs

Founded in 2017 by the team and board of directors of the Avant lending platform, Spring Labs is working on a block-based network that would allow lenders, banks and data providers to exchange information without sharing underlying source data, says the start, with a special focus on identity information.

Likewise, last March, Spring Labs obtained USD $ 14.75 million in an initial financing round directed by August Capital.


Also published on Medium.

Published inFintechStartupsTechnology

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