Two former Citadel employees have secured $17 million to launch Fin, a stablecoin-powered payments platform promising instant, low-cost cross-border money transfers. The startup aims to compete directly with global banking giants by offering faster settlement and a simpler user experience.
Pantera Leads Funding Round With Strong Institutional Backing
Fin’s co-founders, Ian Krotinsky and Aashiq Dheeraj, raised the new funding in a round led by Pantera Capital, with participation from Sequoia and Samsung Next. The company plans to debut a pilot program with import–export businesses next month.
The idea for a new payments infrastructure emerged while the founders were still at Citadel. In early projects, they struggled with paying users across borders through legacy financial systems an issue they now aim to solve at scale using stablecoins.
Instant Transfers Through Stablecoin Rails
Fin is tailored for large-value and international transactions, a segment where traditional banking remains slow and expensive. The platform enables instant transfers between:
- Fin users
- Bank accounts
- Crypto wallets
By using stablecoin settlement rails, the startup aims to offer faster payments with lower fees than conventional bank wire systems.
Krotinsky described Fin as “the payments app of the future,” emphasizing that it hides the complexity of blockchain while delivering global usability. A demo shown to Fortune highlighted a clean interface designed to appeal to everyday users not just crypto professionals.
A Faster Alternative to Banks for High-Value Transfers
Traditional wire transfers can take days, especially when moving funds between countries with different financial regulations and settlement systems. Fees can be steep, and consumer apps often impose transaction caps.
Fin targets customers who need quick settlement without these limitations for example:
- Watch dealers selling to overseas buyers
- Businesses moving funds across borders
- Individuals sending large domestic payments beyond app limits
The company plans to make money through transaction fees and interest earned on stablecoin balances held in users’ wallets.
Challenging Big Banks, Not Crypto Apps
Krotinsky says Fin isn’t trying to compete with crypto-native apps, but rather with major commercial banks:
“Large financial institutions built payments wrong, and they won’t be able to migrate legacy systems onto stablecoin infrastructure. We have the opportunity to become the next largest payments app in the world.”
He believes Fin can outpace banks in speed and innovation as stablecoin adoption accelerates worldwide.
Growing Institutional Interest in Stablecoins
Fin’s launch comes amid a surge in traditional financial institutions entering the stablecoin ecosystem:
- Ten European banks are collaborating on a euro-backed stablecoin set to launch by 2026.
- Sony Bank plans to issue USD stablecoins for its gaming and entertainment ecosystem.
- Citadel Securities has recently expanded into crypto exchanges and participated in a funding round for Ripple.
In the U.S., regulators are moving ahead with the GENIUS Act, with the FDIC preparing its first formal stablecoin rule framework. Acting FDIC Chair Travis Hill confirmed that applications, licensing, and prudential standards for stablecoin issuers are now being drafted.
With increasing regulatory clarity and growing institutional participation, Fin’s founders believe the timing is ideal for a global payments platform built on stablecoin infrastructure.
