Spring Labs is a data-sharing platform that uses blockchain technology to help predict financial creditworthiness, reduce fraud, enhance data collection, offer transparency, streamline customer support and automate tasks.
Team efficiency, an improved customer experience, automation and more are available through the company’s three main products: Zanko, Livesight, and Truezero.
What’s the Mission and Goal of the Company?
Spring Labs states that its mission is to “enable quick, painless and ROI-positive adoption of AI.” The fintech company aims to empower financial institutions through smart automation to improve efficiency and profitability.
The company strives to achieve this mission through its three main products:
Zanko
The Zanko product is designed to help financial institutions streamline their support and compliance operations. It allows for task automation, self-service options via customer support chat functions, and improved customer experience.
Zanko is capable of screening customer conversations and prioritizing complaints via automated classification, tagging and more. In addition, Zanko is able to understand user input and transform that input into executable actions for agents.
According to the company, Zanko delivers a 3-10x ROI with a quick launch time.
Livesight
With Livesight, financial institutions can streamline risk profiling using real-time data on consumer and business entities.
Financial institutions can quickly and easily:
- Qualify leads
- Monitor portfolios
- Automate Know You Business (KYB) checks and verify income
Livesight’s robust knowledge graph provides insights into a business entity’s ownership, consumer risk insights and more. The platform’s “entity search engine” is backed by 30 million peer-shared consumer records, and 90% of its data is updated weekly.
TrueZero
Spring Labs’ TrueZero product focuses on data security and privacy. It works by:
- Automatically detecting sensitive data without the need for manual tagging
- Transforming sensitive data into understandable tokens
- Allowing businesses to set access controls across the entire organization
- Providing an intuitive dashboard to monitor how and where sensitive data is being used
The platform aims to simplify data security and privacy protection with the help of AI.
Spring Labs has furthered its efforts to achieve its mission through its joining of the American Fintech Council and the launch of its Artificial Intelligence (AI)-Native Banking and Fintech Conference.
Who is the Team Behind Spring Labs?
Spring Labs is a fintech expert-founded company that uses intelligent automation to transform financial institutions. Offering the highest level of security, compliance and transparency, Spring Labs is led by:
- John Sun – CEO and Co-Founder
- Anna Fridman – Co-Founder
- Adam Jiwan – Executive Chairman & Co-Founder
- Peyman Hesami – Chief Product Officer
- Joel Eckhause – Chief Operating Officer
- Matt Smith – Chief Technology Officer
How Much Funding Has Spring Labs Received?
Spring Labs was in “stealth mode” until 2018, when the fintech company raised $14.8 million in funding. Funding was secured in the hopes of hiring 20 – 30 team members to fill the Chicago and Marina Del Rey offices.
Multiple investors initially invested in the company, including August Capital, Victory Park Capital, GreatPoint Ventures, Multicoin Capital,Jump Capital and Wavemaker Genesis.
A year later, another seed funding round followed before Series A and B funding were secured. Series A funding raised $23 million from multiple investors, including General Motors Ventures, RRE Ventures, Galaxy Digital, CardWorks and more.
Series B funding raised $30 million and was led by TransUnion.
In total, over $66.5 million in funding has been secured by Spring Labs to further develop the company’s technology and meet its mission and goals.