Blockchain startup aims to be Equifax killer

Today Spring Labs announced that it raised $14.75m in a seed funding led by August Capital. The founding team is behind the online consumer lender Avant. At one point the platform achieved a unicorn valuation and has raised $1.8 billion in funding. Avant has 600,000 customers and has originated almost $5 billion in loans since 2012. The startup describes its product as a decentralized network for identity and credit.

Targeting credit bureaus

The new venture squarely aims at credit information companies like Equifax. It intends to allow lenders, banks, and data providers to securely and efficiently exchange data with each other.

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