Ex-Citadel Employees Secure $17M for Fin, a Global Stablecoin Payments App

Former employees of Citadel have successfully raised $17 million to fund Fin, a stablecoin-based payments application designed for swift, high-value international transfers. This innovative platform is set to challenge traditional banking systems with its user-friendly features and lower fees.

Key Takeaways

Fin, a payments app utilizing stablecoin infrastructure for instant cross-border money transfers, was co-founded by former Citadel employees Ian Krotinsky and Aashiq Dheeraj.
The funding round, led by Pantera Capital, raised $17 million with additional backing from Sequoia and Samsung Next.
Fin aims to simplify large transactions, reducing fees compared to traditional banking methods and offering quick settlements.
The startup plans to generate revenue through transaction fees and interest on stablecoin holdings in wallets.
Fin's pilot program with import-export businesses is expected to launch next month.

Fin stablecoin payments app enabling instant cross-border money transfers worldwide

Introduction to Fin: A New Era in International Payments

Former Citadel employees Ian Krotinsky and Aashiq Dheeraj have made headlines by raising $17 million for Fin, a payments application powered by stablecoins. Designed to facilitate instant and high-value cross-border transactions, Fin positions itself as a competitive alternative to traditional banking services.

The funding was spearheaded by Pantera Capital, with contributions from Sequoia and Samsung Next. Fin is preparing to trial its pilot program with import-export businesses next month, marking an important step toward broader availability.

Founders' Vision and User-Friendly Design

The founders recognized significant challenges in international payments while working on side projects at Citadel. During these projects, they aimed to reward users on a Reddit-like platform they developed. This led to the idea for Fin, focusing on large-value transactions.

Fin's platform allows users to send funds to other users, bank accounts, or cryptocurrency wallets, utilizing stablecoin technology to lower transfer fees compared to standard banking methods. Krotinsky described their app as “the payments app of the future,” emphasizing its ease of use and global accessibility.

Competing Against Traditional Banking Systems

Traditional wire transfers from commercial banks often take several days and incur high fees, particularly for international exchanges. Fin aims to change this by providing near-instant settlement solutions for various transactions, including situations where expensive items are sold to overseas customers or domestic transfers that exceed limits set by consumer payment services.

As part of its business model, the company intends to earn revenue through transaction fees and interest accrued from stablecoins stored in Fin wallets. The pilot program with import-export firms will be the first step toward achieving a more expansive market presence.

Navigating the Competitive Landscape

Krotinsky emphasized that Fin is positioning itself against major commercial banks rather than other cryptocurrency platforms. He argues that large financial institutions have mismanaged their payment products and will face challenges transitioning to stablecoin systems. “I think we have the opportunity of being the next largest payments app in the world,” Krotinsky declared, expressing confidence in their rapid growth potential.

This funding comes at a time when stability in the stablecoin market is gaining traction. Citadel Securities has recently made investments in cryptocurrency exchanges, solidifying Wall Street's commitment to digital currencies. Additionally, reports indicate that ten major European banks are uniting to launch a euro-pegged stablecoin by mid-2026, aiming to reduce dependence on dollar-denominated tokens.

Meanwhile, Sony Bank has plans to introduce a USD-pegged stablecoin for transactions within its gaming and anime sectors. The bank is also gearing up to offer a regulated US dollar stablecoin to American customers in fiscal 2026.

Regulatory Developments on the Horizon

Federal authorities are working to implement the GENIUS Act, with the FDIC expected to announce its first stablecoin rule framework soon. Acting FDIC Chair Travis Hill has confirmed that the agency is drafting regulations for stablecoin issuers, with specific prudential standards anticipated in early next year.

As cryptocurrency and blockchain continue to evolve, developments like Fin demonstrate the increasing relevance of stablecoins in the global financial landscape, setting the stage for potentially transformative changes in how we make payments worldwide.