Ex-Citadel employees have raised $17 million for Fin, a stablecoin-based app that offers instant high-value cross-border transfers, positioning it as an easy-to-use challenger to big banks.
Summary
- Ex-Citadel employees Ian Krotinsky and Aashiq Dheeraj have secured $17 million led by Pantera, with Sequoia and Samsung Next backing Fin.
- Fin uses stablecoin rails for near-instant, cheaper transfers between users, bank accounts and crypto wallets, with an emphasis on large 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 enable instant cross-border money transfers, the company announced.
Pantera capital led the financing round, with participation from Sequoia and Samsung Next, the startup said. Fin plans to launch a pilot program with import-export companies next month.
Former Citadel employees launch stablecoin payment app
The founders identified challenges in international payments while developing side projects at Citadel, when they tried to compensate users who reached the front page of a Reddit-like platform they created, according to company statements.
Fin focuses on high-value transactions, allowing users to send money to other Fin users, bank accounts, or cryptocurrency wallets. According to the company, the platform uses stablecoin infrastructure to reduce transaction costs compared to traditional banking channels.
Krotinsky described the platform as “the payments app of the future,” stating that it “leverages the benefits of stablecoins without all the complexity and will work anywhere in the world.” The startup gave a demonstration to Fortune, showcasing a design that puts user-friendliness over technical terminology.
Traditional transfers through commercial banks can take several days and incur significant fees, especially for international transactions between countries with different financial systems. Fin aims to offer near-instant settlement for scenarios such as watch dealers selling to foreign customers or domestic wire transfers exceeding the limits imposed by consumer payment applications.
The company plans to generate revenue through transaction fees and interest earned on stablecoins held in Fin wallets, company information shows. The pilot program with import-export companies represents the first step toward broader commercial availability.
Krotinsky positioned the startup against large commercial banks rather than cryptocurrency competitors, arguing that large financial institutions have built payment products incorrectly and will struggle to migrate existing systems to stablecoin infrastructure. “I think we have an opportunity to be the next largest payment app in the world,” Krotinsky said. “People will be surprised at how quickly we get there.”
The funding follows major institutional steps in the stablecoin infrastructure. Citadel Securities recently invested in a cryptocurrency exchange, deepening Wall Street’s commitment to digital assets. According to reports, the company also participated in a funding round for Ripple.
Ten major European banks formed a consortium to launch a euro-backed stablecoin in mid-2026, addressing concerns over reliance on dollar-denominated tokens, according to announcements from the institutions. Sony Bank plans to roll out a USD-pegged stablecoin for payments and settlement within its gaming and anime businesses and is reportedly preparing to issue a regulated US dollar stablecoin for US customers as early as fiscal year 2026.
Federal regulators are advancing implementation of the GENIUS Act, with the FDIC expected to release its first stablecoin regulatory framework later this month, according to agency statements. Acting FDIC Chairman Travis Hill confirmed that the agency is setting rules for how stablecoin issuers will apply for approval, with separate prudential standards planned for early next year.
