Ex-Citadel quants raise $17M for Fin, a global stablecoin payments app
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Ex-Citadel employees raised $17M for Fin, a stablecoin-based app offering instant, large-value cross-border transfers, positioning it as a user-friendly challenger to big banks. Summary Ex-Citadel employees Ian Krotinsky and Aashiq Dheeraj secured $17 million led by Pantera, with Sequoia and Samsung Next backing Fin. Fin uses stablecoin rails for near-instant, lower-fee transfers between users, bank accounts, and crypto wallets, focusing on large-value and cross-border flows. The launch comes as banks and regulators accelerate stablecoin plans, including a euro stablecoin consortium, Sony Bank’s USD token, and upcoming FDIC rules. Former Citadel employees Ian Krotinsky and Aashiq Dheeraj have raised $17 million in funding for Fin, a stablecoin-powered payments application designed to facilitate instant cross-border money transfers, the company announced. Pantera Capital led the financing round, with participation from Sequoia and Samsung Next, according to the startup. Fin plans to launch a pilot program with import-export businesses next month. Former Citadel employees launch stablecoin payments app The founders identified challenges in international payments while developing side projects at Citadel, when they attempted to compensate users who reached the front page of a Reddit-like platform they created, according to company statements. Fin targets large-value transactions, allowing users to send money to other Fin users, bank accounts, or cryptocurrency wallets. The platform utilizes stablecoin infrastructure to reduce transfer fees compared to traditional banking channels, according to the company. Krotinsky described the platform as “the payments app of the future,” stating it “leverages the benefits of stablecoins without all the complexity and will work anywhere in the world.” The startup provided a demonstration to Fortune, showing a design that prioritizes user-friendliness over technical terminology. Traditional wire transfers through commercial banks can require several days and incur substantial fees, particularly for international transactions between countries with different financial systems. Fin aims to offer near-instant settlement for…
Filed under: News - @ December 4, 2025 11:25 am