Story of Spring Labs: Reinventing Data Sharing with Blockchain
Story of Spring Labs:
The Beginning of Spring Labs
In Marina Del Rey, California, three visionaries Adam
Jiwan, John Sun, and Anna Fridman came together to rethink how sensitive
information could be shared. They founded Spring Labs with the goal of
using blockchain to build a safer, faster, and more transparent way for
institutions to exchange data without exposing private details.
A Mission for Secure Exchange
The founders recognized that data sharing in finance,
healthcare, and telecom was often slow and vulnerable to fraud. Their mission
was clear: use blockchain to create a trustworthy environment where
institutions could share and verify data while protecting consumer privacy.
Leveraging Blockchain Transparency
Spring Labs designed its platform to take advantage of blockchain’s
transparency and traceability. Every transaction is time-stamped and
recorded, creating a permanent audit trail that ensures accountability across
all participants in the network.
Fighting Fraud with Verified Identities
One of the platform’s biggest promises is fraud reduction.
By enabling financial institutions to cross-check identities in real time,
Spring Labs helps prevent fraudulent activity and increases trust in credit
decisions, payments, and other financial processes.
Privacy First Approach
At the core of the platform are privacy-preserving
technologies. These include advanced cryptography, tamper-proof workflows,
and tokenization methods that hide sensitive data while still allowing it to be
verified. This way, institutions gain insights without directly seeing consumer
details.
The Spring Protocol
Spring Labs introduced the Spring Protocol, a network
where members—like banks and lenders—can share encrypted consumer data without
revealing the raw information. This allows them to confirm details such as
addresses, phone numbers, or email IDs in a secure and privacy-friendly manner.
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Beyond Credit Reports
Instead of relying only on traditional credit reports, the
Spring Labs platform enables institutions to use a wider set of data points.
This approach provides a more complete picture of consumers, helping companies
make smarter and fairer decisions about loans, services, and risk.
Collaboration with TransUnion
Spring Labs formed a strong partnership with TransUnion,
one of the world’s leading data companies. TransUnion saw the platform’s
potential not only in financial services but also in industries like telecom
and healthcare, where massive amounts of consumer data need to be shared
securely.
Leadership Expansion
To strengthen its vision, Spring Labs appointed Brian
Brooks, former acting head of the Office of the Comptroller of the Currency
(OCC), as its first independent director. Brooks brought deep regulatory
expertise and insights into how blockchain could evolve within global finance.
Backing from Investors
The company attracted major backing, raising $67.8
million in Series B funding. Investors like RRE Ventures, Impatient
Ventures, and 500 FinTech supported Spring Labs’ mission to reshape how
data flows between institutions while maintaining strict privacy protections.
Use Cases Beyond Finance
Although finance is the main starting point, Spring Labs’
technology has far-reaching applications. Industries such as healthcare,
telecom, and digital services could use the platform to exchange data quickly
while keeping personal information secure.
A Future Built on Trust
Spring Labs continues to expand its ecosystem by combining innovation,
transparency, and security. Its ultimate goal is to rebuild consumer trust
in data sharing, enabling institutions worldwide to collaborate without
compromising privacy or security.
Timeline of Spring Labs’ Journey
- 2018
– Spring Labs founded by Adam Jiwan, John Sun, and Anna Fridman in Marina
Del Rey, California.
- 2018–2020
– Brian Brooks advises the company before becoming acting head of the OCC.
- 2020
(Aug) – TransUnion acquires Signal, a real-time data collection
platform, complementing future collaborations with Spring Labs.
- 2020
(Oct) – TransUnion acquires Tru Optik, expanding into connected TV and
streaming data markets.
- 2021
– Spring Labs develops its Spring Protocol, enabling encrypted data
sharing among institutions.
- 2022
– Company raises $67.8M Series B funding from RRE Ventures,
Impatient Ventures, and 500 FinTech.
- 2023
– Spring Labs indexes more use cases across industries like finance,
telecom, and healthcare.
- 2023
(Late) – Spring Labs appoints Brian Brooks as its first
independent director.
- 2024–2025
– Platform expands consortium members, enhancing fraud prevention and
privacy-preserving data exchange at scale.
