Fin, founded by two former Citadel engineers, raised capital to launch a stablecoin app for cross-border payments as banks and fintechs expand into digital assets.
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Former Citadel engineers Ian Krotinsky and Aashiq Dheeraj have raised $17 million to launch Fin, a stablecoin-powered payments app designed for high-value cross-border transactions.
According to on Wednesday, the startup, previously known as TipLink, closed the round with backing from Pantera Capital, Sequoia and Samsung Next. Fin plans to pilot the app within the next month, targeting import-export businesses that often move hundreds of thousands of dollars at a time.
Built around stablecoin rails, Fin will enable users to send funds to other payment apps, bank accounts, and crypto wallets, aiming to reduce costs compared to traditional wire transfers.
The company plans to generate revenue from transaction fees, priced below bank alternatives, and from interest earned on stablecoin balances held in user wallets.
Krotinsky told Fortune the app is built for high-value payments that services like Venmo and Zelle can’t process instantly, and that it will support global transfers without the delays typical of traditional banking networks.
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Since the took effect in the US in July, banks and major payments companies have accelerated their push into stablecoin products.
JPMorgan Chase signaled a in July when CEO Jamie Dimon told analysts that the bank intends to participate directly in the sector in response to growing competition from fintech companies building payment tools that resemble traditional banking services.
The same month, Citigroup outlined similar ambitions. CEO Jane Fraser said the bank is evaluating the issuance of its own stablecoin to support digital payment flows, marking another major US institution preparing to enter the stablecoin market.
In October, Western Union said it would pilot a aimed at modernizing remittances for its more than 150 million customers.
Also in October, Visa said it would across four different blockchains. CEO Ryan McInerney told investors that the company plans to continue broadening its stablecoin capabilities, following strong growth in the segment over the past year.
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