Former Citadel Elites Found Startup, Fin Raises $17 Million to Develop "Seamless" Stablecoin Global Payment App

Fin, a fintech company founded by former Citadel Securities employees, recently completed a $17 million funding round led by Pantera Capital, with participation from Sequoia Capital and Samsung Next. The company aims to leverage stablecoin technology to create a simple application focused on large-scale, cross-border payments, allowing users to instantly transfer funds globally while enjoying fees far lower than those of traditional banks. This round of funding comes in the wake of the passage of the US “Payment Stablecoin Clarity Act” and the increasing entry of mainstream financial institutions into the stablecoin space, marking a shift from conceptual exploration to large-scale competition for mainstream adoption of stablecoin payments.

From Wall Street to Crypto: The Birth and Vision of Fin

While working at the leading market maker Citadel Securities, Ian Krotinsky and Aashiq Dheeraj devoted their spare time to various programming projects. They once built an improved version of Reddit and tried to pay a $50 reward to users who made it to the front page. This attempt made them acutely aware of how difficult and expensive it was to transfer money to people around the world. This pain point directly led to their joint startup—Fin (formerly known as TipLink).

Today, the startup has received strong backing from top venture capitalists. The latest $17 million funding round was led by crypto investment giant Pantera Capital, with traditional VC titan Sequoia Capital and tech industry investor Samsung Next joining in. Although CEO Ian Krotinsky did not disclose the company’s exact valuation, the impressive lineup of investors demonstrates market recognition of their vision. Krotinsky positions Fin as “the payment app of the future,” with the core mission of enabling users to fully leverage all the advantages of stablecoins while completely avoiding the complexity of technical operations.

Fin’s founding story highlights a trend: more and more elites with deep traditional finance backgrounds are bringing their profound understanding of efficiency, cost, and user experience into the practical field of cryptocurrency. They are not obsessed with coin price volatility, but are focused on using blockchain infrastructure to solve real-world, long-standing problems in the traditional financial system. The high fees, slow speeds, and numerous restrictions in international remittance have become the first area where they are applying new technology for transformative change.

Simplifying Complexity: How Fin Is Redefining the Stablecoin Payment Experience

Unlike many crypto-native wallets, Fin’s product design philosophy emphasizes user-friendliness, aiming to create a simple, elegant, and intuitive application. According to its presentation, users have three main options for transferring funds: sending to other Fin users, to any bank account, or to any cryptocurrency wallet. The intention is clear—to become a seamless bridge connecting traditional bank accounts with the world of crypto assets.

Fin differentiates itself by focusing on handling “large” payments. Whether it’s international transactions of hundreds of thousands or even millions of dollars, or high-value domestic transfers within the US that exceed the limits of popular apps like Venmo and Zelle, these are the scenarios Fin aims to address. For example, a Swiss watch retailer selling to a US customer would traditionally use a major bank wire transfer, which could take days and incur substantial fees. Fin aims to provide an almost instant, lower-cost alternative.

The technology underlying all this is stablecoins. By using stablecoin networks as payment rails, Fin can dramatically reduce the intermediary costs of cross-border financial transfers and compress settlement times from days to nearly real time. For users, there’s no need to understand blockchain, gas fees, or private key management—the entire experience is as simple as any mature mobile payment app. Fin’s strategy is to hide all technical complexity and present only the core benefits of stablecoins: speed, low cost, and global reach.

Key Information About Fin

Core Team: Co-founders Ian Krotinsky and Aashiq Dheeraj, both previously at renowned market maker Citadel Securities.

Funding: Latest round raised $17 million; led by Pantera Capital, with participation from Sequoia Capital and Samsung Next.

Product Positioning: Global payments app based on stablecoins, focusing on large cross-border and domestic transfers.

Current Progress: The app has not yet been officially launched; plans to begin pilots with import/export businesses in the coming month.

Revenue Model: Charges users fees lower than traditional channels; earns interest on stablecoin funds held in user wallets.

Market Opportunities Amidst Giants: Fin’s Challenges and Ambitions

Fin is entering the market at a critical time. In 2024, with the signing of the US “Payment Stablecoin Clarity Act,” stablecoins have received a clear federal regulatory framework, removing the biggest policy uncertainty for large-scale commercialization. Subsequently, financial giants like Western Union and Mastercard have increased their investments in the stablecoin sector, kicking off a new wave of market competition.

However, Fin’s CEO Krotinsky is setting his sights directly on large commercial banks like JPMorgan and Barclays. He believes that these incumbents, which have dominated the international remittance market for decades, have built their payment systems “the wrong way,” and now face immense challenges in moving their massive legacy systems to stablecoin rails. This “disruptor” perspective gives nimble startups like Fin a structural advantage.

Of course, the challenges are significant. In addition to competition from traditional banks and emerging fintechs, Fin must manage compliance, liquidity, user acquisition, and the complex task of integrating with banks and payment networks worldwide. Its revenue model—charging users and earning stablecoin interest—must also strike a balance between scalability and user adoption. Even so, Krotinsky remains confident: “I think we have a chance to become the world’s next major payments app, and people will be surprised at how quickly we achieve this goal.”

Stablecoin Payments Heating Up: From Infrastructure to Application-Layer Explosion

Fin’s successful fundraising is a microcosm of the explosive growth in the stablecoin payments sector. Over the past year, industry focus has shifted from simply issuing stablecoins and building protocols to rapidly constructing real-world applications for end users. Remittance companies, credit card networks, and startups like Fin are all racing to package stablecoin technology into financial tools that ordinary people can use.

Behind this trend is the market’s strong desire for a “killer app.” Cryptocurrency must prove it is more than just a speculative asset—it needs to provide real utility. Stablecoin payments, especially cross-border payments, are widely seen as the use case most likely to achieve mass adoption first due to their direct pain point solutions and massive potential market. The emergence of applications like Fin is directly answering the question: “What can crypto do for me?”—the question ordinary users care about most.

Looking ahead, competition in the stablecoin payments space will only intensify. Success will depend not only on advanced technology but also on seamless product experience, robust compliance frameworks, and the ability to build broad network effects. For investors and industry watchers, focusing on projects like Fin—built by experienced teams and backed by top capital—will be key to understanding the practical wave of crypto adoption and identifying investment opportunities.

Global Stablecoin Regulatory Progress and Mainstream Institutional Initiatives

Global Stablecoin Regulatory Milestones

1. United States: In July 2024, the “Payment Stablecoin Clarity Act” was signed into law by the President, providing federally licensed pathways and operational frameworks for compliant stablecoin issuers—a decisive turning point for the industry.
2. Europe: The EU’s Markets in Crypto-Assets (MiCA) regulation has taken effect, imposing strict and comprehensive requirements on the issuance, reserves, and operations of stablecoins, especially euro-pegged ones.
3. Asia: Jurisdictions such as Singapore, Japan, and Hong Kong have introduced regulatory sandboxes or legislative proposals for stablecoins, with major global financial centers accelerating the development of their own regulatory frameworks.

How Are Traditional Financial Giants Embracing Stablecoins?

• Payment Networks: Mastercard is integrating stablecoin settlement functionality into its network and partnering with multiple crypto companies to launch stablecoin-related credit card and clearing services.
• Remittance Companies: Western Union is exploring the use of stablecoins to improve the efficiency and reduce costs of its cross-border remittance network, with some pilot projects already launched.
• Large Banks: JPMorgan Chase has already launched its internal JPM Coin for wholesale payments between institutional clients and is closely monitoring the retail stablecoin market.

Fin’s story is yet another vivid example of crypto’s narrative shifting from “financial rebellion” to “efficiency revolution.” When Wall Street elites choose to use blockchain technology to reinvent the very systems that once powered their own success, the significance goes far beyond a single startup. It signals that crypto technology is moving from the fringes to the heart of the global financial system—payments and settlement. The stablecoin-driven payment revolution has begun, with both nimble startups and slower-moving financial giants in the race. Ultimately, the winner may not be the one with the flashiest tech, but the one that hides the technology most thoroughly and integrates most seamlessly into the daily economic lives of billions. Fin’s approach offers an early glimpse into the final form of this convergence.