General Motors Financial voiced support for Spring Labs in the recent Series A Funding round. GM Financial is the financial services sector of General Motors, offering leases and loan financing to customers, reports Forbes.
Based on the press release of Spring Labs, the technology company states that General Motors serves both as to its strategic investor and its development collaborator. Other investors who joined the Series A funding round include August Capital, CardWorks, Galaxy Digital, Multicoin Capital, RRE Ventures, and The Pritzker Group. GreatPoint Ventures led the Series A funding.
The technology firm was able to raise $23 million.
In a statement released by General Motors, it said that “GM Financial is excited to deepen its relationship with Spring Labs, and we look forward to the launch of Spring products.” Chief Strategy Officer Mike Kanarios of GM Financial also states that “We believe they have the potential to better protect our customers from fraudulent activity,” reports Forbes.
Ledger Insights accounts that the car manufacturing company aims to put a stop to fraud, costing the whole industry $4 to $6 billion per year.
To prevent these fraudulent activities and other suspicious actions from individuals, the technology company will be bringing new offerings. These include the Spring Verify for enhanced identity verification services, Defense for protection against fraud and mitigation, and Protect to prevent loan stacking.
These products all aim to provide relevant information to lenders, thereby having a more secure foundation.
Founded in 2017, the company will use the $23 million funding to expands its company roster. From a team of 35 individuals, the company is slated to add 15 more by the end of the year. The technology firm also looks to launch its five offerings by 2020, reports Forbes.