Ex-Citadel Engineers Raise $17M for Stablecoin Payments Startup Fin

Former Citadel employees Ian Krotinsky and Aashiq Dheeraj have raised $17 million in funding for their startup, Fin, which is a payments app utilizing stablecoins to facilitate instant international money transfers without the complexities associated with traditional cryptocurrency platforms.

Key Takeaways

Funding Achievement: Fin raised $17 million, led by Pantera Capital with backing from Sequoia and Samsung Next.
Stablecoin Growth: The stablecoin sector has grown significantly, surpassing a total market capitalization of $300 billion.
User-Friendly Model: The app focuses on large-value transactions, offering a simpler, more cost-effective alternative to traditional payment systems.
Revenue Plan: Fin will generate income through transaction fees and interest from stablecoin holdings, designed to be less expensive than typical banking fees.
Regulatory Environment: The stablecoin market is gaining traction, with increasing interest from traditional financial institutions and regulatory advancements in the US.

Ex-Citadel Engineers Raise $17M for Stablecoin Payments Startup Fin

Overview of Fin's Services

The funding comes as the stablecoin market continues to expand, now over $300 billion in market capitalization. As reported by Fortune, Pantera Capital led this latest funding round, supported by companies such as Sequoia and Samsung Next. Fin will begin pilot testing next month with import-export businesses.

Krotinsky and Dheeraj realized the challenges in international payments while developing side projects at Citadel when they tried to pay users on a Reddit-like platform they created.

Enhancing Payment Infrastructure for High-Value Transfers

Fin aims to address gaps in current payment systems by concentrating on high-value transactions that range from hundreds of thousands to millions of dollars. The application enables users to send funds to other Fin users, bank accounts, or cryptocurrency wallets, utilizing stablecoin technology to greatly lower transfer costs compared to conventional banking methods.

Krotinsky described Fin as “the payments app of the future,” highlighting its ability to harness the advantages of stablecoins while eliminating unnecessary complications. The app will be usable worldwide.

Fin provides a straightforward user experience, as shared in an exclusive preview with Fortune, designed to prioritize simplicity over technical jargon. Traditional wire transfers through commercial banks can take days and incur hefty fees, especially for international transactions involving different financial systems.

Fin's goal is to revolutionize this system by providing nearly instant settlements for transactions like Swiss watch dealers selling to US clients or larger domestic transfers, which current services such as Venmo and Zelle cannot process instantly due to restrictions.

Stablecoin Payments Startup Fin co-founders

Financial Model and Market Competition

Fin plans to earn revenue via transaction fees, which they aim to keep lower than those of traditional banking services, in addition to generating income from interest on stablecoins stored within their wallets.

While the app has not yet been publicly launched, the initial plans involving import-export businesses signify a crucial step toward broader availability.

Krotinsky positions Fin against established commercial banks, like JPMorgan Chase and Barclays, rather than other crypto-focused companies. He believes that legacy institutions have created flawed payment solutions over the decades and may struggle to adapt to stablecoin technologies.

“We have the potential to become the largest payments app in the world,” Krotinsky stated, adding, “People will be surprised at how quickly we reach that goal.”

Institutional Interest in the Stablecoin Market

The funding received by Fin highlights the growing interest from traditional financial institutions in stablecoin infrastructure.

In November, Citadel Securities, founded by Ken Griffin, made a $200 million investment in the crypto exchange Kraken, valued at $20 billion. This move underscores Wall Street's increasing commitment to digital assets after years of hesitation due to regulatory uncertainties.

Additionally, Citadel participated in Ripple’s $500 million funding round alongside Fortress Investment Group, indicating that conventional finance is becoming more engaged with established cryptocurrency platforms now that regulatory clarity is improving.

Recently, ten major European banks formed a consortium to introduce a euro-backed stablecoin by mid-2026, addressing reliance on dollar-denominated tokens that dominate 99.58% of the global stablecoin market.

Sony Bank is also reportedly gearing up to launch a GENIUS-regulated US dollar stablecoin for American customers by fiscal 2026, aiming to cut payment fees affecting its gaming and anime sectors.

This ongoing innovation in the stablecoin realm sees major firms positioning themselves for what they consider the next financial revolution. Standard Chartered has cautioned that over $1 trillion could shift from emerging-market banks into stablecoins by 2028 as global adoption accelerates.

Federal regulators are also moving forward with the implementation of the GENIUS Act, with the FDIC expected to reveal its first stablecoin regulatory framework soon. Acting FDIC Chair Travis Hill has confirmed that the agency is outlining guidelines for stablecoin issuers, with additional prudential standards anticipated in early next year.