Former Citadel engineers Ian Krotinsky and Aashiq Dheeraj have secured $17 million to launch Fin, a payments app powered by stablecoins, specifically designed for high-value cross-border transactions.
As reported by Fortune on Wednesday, the startup, formerly known as TipLink, has finalized their funding round with support from Pantera Capital, Sequoia, and Samsung Next. Fin aims to test the app within the next month, focusing on import-export businesses that frequently handle large sums of money.
Utilizing stablecoin infrastructure, Fin will allow users to transfer funds to various payment apps, bank accounts, and crypto wallets, seeking to lower costs compared to conventional wire transfers.
The company intends to earn revenue through transaction fees lower than those of banks, as well as from interest accrued on stablecoin balances in user wallets.
Krotinsky mentioned to Fortune that the app is designed for high-value payments that platforms like Venmo and Zelle cannot instantly process, and it will facilitate global transfers without the typical delays seen in traditional banking systems.
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Banks, remittance giants and card networks enter the stablecoin arena
Since the GENIUS Act became law in the US in July, banks and leading payments firms have accelerated their initiatives involving stablecoin products.
In July, JPMorgan Chase indicated a stronger commitment to stablecoins when CEO Jamie Dimon informed analysts that the bank plans to engage directly in the sector due to increasing competition from fintech firms developing payment solutions that mimic traditional banking services.
In the same month, Citigroup announced similar intentions. CEO Jane Fraser stated that the bank is assessing the possibility of issuing its own stablecoin to enhance digital payment transactions, marking another major US institution preparing to venture into the stablecoin sector.
In October, Western Union stated it would pilot a stablecoin-based settlement system aimed at modernizing remittances for its over 150 million clients.
Also in October, Visa announced it would support four stablecoins across four distinct blockchains. CEO Ryan McInerney informed investors that the company intends to expand its stablecoin capabilities, following significant growth in this segment over the past year.
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