Fin, a stablecoin payments application founded by former Citadel employees, has secured $17 million in funding. The Series A round was led by Pantera Capital, with participation from Sequoia Capital and Samsung Next. This investment will be used to expand the team and launch Fin's stablecoin-powered payments product.
Fin aims to provide instant, high-value, global transactions by combining the speed of stablecoins with financial reliability. The app facilitates fast global transfers with lower fees compared to traditional banks. Users can send payments to other Fin users, directly to bank accounts, or across crypto rails. The company is targeting large-value cross-border and domestic transfers, intending to improve payment efficiency in import and export trade.
The application is not yet live but plans to launch a pilot program with import and export companies next month. Fin intends to generate revenue through transfer fees and interest earned on stablecoin reserves.
According to FinanceWire, Fin was founded by Ian Krotinsky and Aashiq Dheeraj, both formerly of Citadel, and the team that created TipLink. Fin has also attracted talent from companies like Google, Meta, Uber, Rippling, and Chime.
Ian Krotinsky, co-founder of Fin, stated that it is difficult for traditional financial institutions to adapt their existing infrastructure to the new global stablecoin environment, and this presents an opportunity for Fin. Ryan Barney, Partner at Pantera Capital, noted the team's history of building user-friendly crypto products and believes Fin can bring that same approach to high-value global payments.
Fin is engineered for reliability, enabling businesses and individuals to move millions of dollars instantly across borders, to bank accounts, or between Fin users.
Other companies are also working on stablecoin payment solutions. KAST, a global financial platform built on stablecoin rails and available in over 150 countries, recently launched KAST Pay and Global Payouts capabilities. These features allow users to convert, transfer, and mobilize funds across crypto and fiat rails. RedotPay, a global stablecoin-based payment fintech, has partnered with Ripple to expand its stablecoin payment capabilities. Fipto offers a platform for businesses to send, receive, and convert stablecoins and fiat across domestic and international payment rails and blockchains. Stables provides a global USD app that allows users to send stablecoins and receive cash in over 30 currencies. Peg is a user-friendly USDC wallet on Polygon designed for easy, global cross-border payments.
The increasing interest and investment in stablecoin payment applications suggest a growing demand for faster, more efficient, and reliable global payment solutions.
