Ian Krotinsky and Aashiq Dheeraj, former colleagues at Citadel, transformed their passion for coding into a startup aimed at revolutionizing international money transfers. Their journey began with a hacking project that involved creating a version of Reddit that paid users for achieving front-page status. This endeavor revealed to them the complexities and obstacles associated with sending money globally, sparking the inception of their new venture, Fin. This app leverages stablecoin technology to facilitate instant money transfers across borders, including significant amounts.
On Wednesday, Fin, previously known as TipLink, disclosed that it secured $17 million in funding, spearheaded by Pantera Capital, with contributions from Sequoia and Samsung Next. Although Krotinsky, now serving as CEO, refrained from revealing the company’s valuation, he articulated a vision for Fin as “the payments app of the future.” He emphasized that the platform would simplify the use of stablecoins by eliminating unnecessary complexities, making financial transactions universally accessible.
During an interview with Fortune, Krotinsky showcased the app’s user-centric design. Fin enables its users to easily send and receive funds, whether from other Fin users, bank accounts, or cryptocurrency wallets. Notably, the app focuses on large transactions—often in the hundreds of thousands or millions—streamlining processes that traditionally involve banks, which can take days and incur high fees. For instance, a Swiss watch dealer selling to a customer in the U.S. typically faces delays and costs associated with conventional bank wire transfers. In contrast, Fin aims to create a more efficient alternative.
While the app is yet to launch, plans are underway for pilot testing with businesses in the import and export sectors within the month. The company expects to generate revenue through transaction fees, which, according to Krotinsky, will be more competitive compared to traditional banking fees. Additionally, it intends to earn interest on the stablecoins stored in user wallets.
The timing of Fin’s launch coincides with the increasing mainstream adoption of stablecoins, bolstered by legislative support like the Genius Act signed by President Trump in July, which set a regulatory foundation for this technology. Traditional remittance services and major financial entities, including Western Union and Mastercard, have significantly invested in their stablecoin projects as well.
Krotinsky positions his startup against traditional commercial banks like JPMorgan Chase and Barclays, which have long dominated the international money transfer space. He argues that these established institutions may struggle to adapt their legacy systems to incorporate stablecoin functions effectively. “I think we have the opportunity of being the next largest payments app in the world,” Krotinsky stated, expressing confidence in the startup’s ability to disrupt the current landscape swiftly.
