TransUnion and Spring Labs Partner to Transform the Exchange of Sensitive Data
TransUnion investment leads Spring Labs’ Series B round
With an unrelenting focus on information security and consumer privacy, TransUnion (NYSE:TRU) continues to build and invest in technology to help businesses and consumers transact in an increasingly digital marketplace. The company is advancing this goal with a preferred equity investment and strategic cooperation agreement with Spring Labs, an advanced cryptography and blockchain based financial technology firm transforming the exchange of sensitive data. Together, Spring Labs and TransUnion aim to increase access to Spring Labs’ data exchange network and products, while enabling TransUnion to expand protection of sensitive consumer data and promote transformative technology in its business.
“Spring Labs built a state-of-the-art technology protocol that cryptographically transforms and anonymizes data to unlock new data and products,” said Steve Chaouki, President of U.S. Markets at TransUnion, who is joining the Spring Labs Board of Directors. “The ability to securely exchange information without revealing the underlying data and identity of network participants creates opportunities for our customers and the consumers they serve through sharing of historically siloed data.”
Spring Labs is revolutionizing the way consumer financial data is stored and shared among financial services institutions with a network foundation known as the Spring Protocol. This privacy-preserving information exchange returns control and value to data owners, unlocking new data sources and enabling competitively sensitive parties to collaborate for the common good.
Spring Labs’ advanced cryptography allows strict control of information visibility, and its permissioned blockchain provides a time-stamped, immutable record and audit trail. This approach offers a rare combination of transparency and privacy, uniquely suited to data exchanges in instances where participants may be concerned about sharing with competitors. For example, lenders can exchange information to identify fraud or verify identities without disclosing underlying data.
“We are thrilled to announce TransUnion’s investment and related cooperation agreement. With tens of thousands of customers, TransUnion is the ideal partner for Spring Labs as a respected global information and insights company that shares our commitment to stewarding sensitive data. We see multiple avenues for collaboration, including the extension of our products, services and network to TransUnion’s customers,” said Adam Jiwan, co-founder of Spring Labs. “Additionally, by joining our Board, Steve will help drive continued growth for Spring Labs through his deep understanding of the business, data and analytics needs of Financial Services and other industries.”
At the core of this relationship, TransUnion will help expand existing Spring Labs’ networks to new organizations, as well as develop new networks based on customer needs and interests.
“Our core promise is to make trust possible between businesses and consumers,” said Marko Ivanov, Senior Vice President at TransUnion and Spring Labs partnership lead. “Spring Labs resolves the challenge of information sharing among competitors without inhibiting competition, while providing regulatory transparency and protecting consumer privacy. In addition, the flexibility and ease of integration of the Spring Protocol will enable rapid design and deployment of new networks in numerous industries across multiple use cases including credit risk, fraud and marketing. We are excited about the possibilities.”
Spring Labs recently demonstrated the potential of its technology by deploying a network for data sharing among Property Assessed Clean Energy (PACE) financing providers, launched in Q4 2020. Network participants estimate it could save up to $10 million in fraud or 1% of total industry loan transactions.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.
About Spring Labs
Spring Labs creates and oversees anonymous, decentralized data networks that vastly increase the amount, quality, and security of information available to market participants. Spring Labs leverages sophisticated cryptographic tools and blockchain technology to provide data and metadata integrity guarantees, tamper-evident workflows, and privacy-preserving tokenization that allow for the corroboration of information without the exchange of underlying data. These interlocking technologies help mitigate fraud, improve verification capabilities, and securely provide access to previously unavailable data in the financial services industry. Based in Marina Del Rey, California, Spring Labs was founded in 2017 by Adam Jiwan, John Sun, and Anna Fridman. Spring Labs has approximately 50 employees and prior to the current funding round has raised over $38m from investors including GreatPoint Ventures, August Capital, GM Ventures, and others. Learn more at www.springlabs.com.