Stablecoin VC Funding Continues As Fin And Allscale Raise $17M and $5M

Fin and Allscale this week have announced successful raises from industry backers.

Fin Goes After Top Stablecoin Market Participants, Allscale Targets For Stablecoin Neo-Banking

Fin (formerly known as TipLink) has successfully raised $17M in a Series A round from Pantera Capital, Sequoia Capital and Samsung Next. The company was founded by a pair of former Citadel employees and have since focused on the transfer of larger payment sums, especially during non-banking hours for HNWIs (High Net Work Individuals).

Cofounder of Fin Ian Krotinsky has commented on the large market potential for this:

"It's difficult for incumbents to rip out their whole infrastructure and build a proper payments product in the new global stablecoin regime. That difficulty is our opportunity."

This reframes the stablecoin payments use-case to the benefit of higher balance transfers typically limited by official TradFi hours between banks and intermediaries. According to the latest Artemis report on stablecoins, P2P as a category comes in second place with a healthy average of $1.5B in monthly volumes (annualised). However, the average dollar amount transacted between parties on most chains has still room to grow, remaining typically between 3 and 4 figures for the majority of retail.

In the same week, AllScale has officially announced a $5M raise led by YZiLabs, Informed Ventures and Generative Ventures to solidify themselves as a strong contender for self-custody solutions. Following on from an earlier $1.5M raise in early summer, the company is fully focused on scaling their stablecoin neo-banking services for businesses that includes stablecoin invoicing, stablecoin payroll for handling local/remote salaries and stablecoin checkout for modern ecommerce platforms.

Partner at Informed Ventures David Yin has highlighted the underlying mission:

"A stablecoin-powered non-custodial neobank finally gives SMBs the speed, control, and access to advanced financial products that were previously reserved for large enterprises."

The team will use the new funding to continue growing across emerging markets, particuarly focusing on local SMBs in regions such as Africa and Latin America. Recently, AllScale had led a creative's stablecoin initiative called 'AllScale Global Creator Program' with around $30K allocated in Tether's USDT stablecoin to attract adoption among freelances and creators working on producing educational content for key industry topics.