Fintech is quickly becoming the way of the digital future, and Atlanta-based startup Qoins is using its company’s model to repair finances for consumers looking to save money and pay off debt.
Qoins — a financial wellness app that helps people pay down their credit card debt — was founded by tech entrepreneurs Christian Zimmerman and Nate Washington with a sole purpose of helping people get out of credit card debt faster.
Since the app’s launch, it has helped pay off and save more than $15 million of debt for users.
This week, the fintech startup announced that it raised a $1.5 million round of investment to continue expanding its platform and product offerings.
This latest round of funding was led by venture capital firm Front Row Fund, and also supported by other funds such as Rise of the Rest (Led by Steve Case), Carolina FinTech Ventures, Rebel One and Service Provider Capital, according to CEO and co-founder Zimmerman.
“Almost every one of today’s popular fintech companies are focused on low cost banking, savings or investing, but the reality is, getting debt under control is the critical first step in taking control of your finances,” said David Haines, Managing Partner at Front Row Fund. “We are excited to be part of Qoins mission to provide their customers the tools and support to pay down debt faster so they can save sooner. ”
In addition to this funding round, Qoins also recently received support and recognition from the Google Black Founders Fund and Google for Startups program.
Co-founders Zimmerman and Washington — both recently named Forbes 30 under 30 honorees for Social Impact — started the company back in 2017 after graduating from Georgia State University with their own personal loans and student debt.
In response to the recent events of the pandemic, the two have since doubled down on their mission to create an impact in the financial realm, and help consumers nationwide build a better financial future for themselves.
“Our goal has always been focused around helping consumers achieve financial freedom through becoming debt-free first,” said Zimmerman. “Our goal over the next year will be to build stronger relationships with our customers to truly help them during times like these. As bullish as the market may be right now, you will always get a stronger return on investment if you pay off your debts first.”
Qoins’ plans for the new funding round include expanding its team and rolling out new features and tools such as the Qoins Card — a new debit card focused on instant debt payments and savings toward lenders consumers may have.
Overall, Qoins is focusing its efforts on building a more holistic experience for consumers seeking better financial habits and ways to eliminate their debt.
For more information about Qoins, visit its website.