TechFlow news, December 3 — According to Fortune, Fin, a global stablecoin payment app founded by former Citadel employees Ian Krotinsky and Aashiq Dheeraj (formerly known as TipLink), has announced the completion of a $17 million funding round led by Pantera Capital, with participation from Sequoia and Samsung Next.
Fin aims to build a stablecoin-based cross-border payment solution focused on large transactions ranging from hundreds of thousands to millions of dollars. The app offers three main functions: peer-to-peer transfers, bank account transfers, and cryptocurrency wallet transfers. Leveraging stablecoin rails, Fin promises lower fees and faster transaction speeds compared to traditional banks.
The app has not yet launched publicly and plans to begin pilot partnerships with import-export trading companies next month. The company intends to generate revenue through transaction fees and interest income from stablecoin wallets. CEO Krotinsky stated that Fin’s primary competitors are major commercial banks such as JPMorgan Chase and Barclays that offer international money transfer services, and that Fin’s goal is to become one of the largest payment apps in the world.
