March 10, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new Financial Technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado...
Company Name: Qoins
Name/Title: Christian Zimmerman/Co-founder & CEO
Industry Segment: PFM
Target: Markets: USA
LTP: Tell us a little bit about yourself.
Christian Zimmerman: I am 23 years old and graduated from Georgia State University in 2015. Since then, I have been in the startup realm having worked with startups such as Hirewire and Shiftgig.
LTP: Give us a paragraph pitch for your company.
CZ: Qoins is an automated micro-payment platform that rounds up your everyday transactions and applies the spare change towards paying down your credit card and student loan debt faster. For example, let’s say you bought a cup of coffee ($3.20), that purchase would round up to $4 and the $.80 cents would be automatically sent towards paying down your debt.
LTP: In a sentence or two, what problem are you solving today?
CZ: We are helping the growing problem of consumer debt – primarily, credit card and student loan debt, which accounts for $2.1 trillion of the overall consumer debt.
LTP: Who are you selling to?
CZ: Our current target market: consumers between the ages 25–34.
LTP: Why did you start the company?
CZ: In 2015, I graduated from Georgia State University and I waited until the end of my six-month grace period to start repaying my student loans. I began playing around with other micro-saving apps but found that I was not suing the money to pay off my loans. I thought to myself, What if there was a way to automatically send the spare change I save towards my debt without even thinking about it?
LTP: What's the most important change coming to your segment in the next 3–5 years?
CZ: Micro-transactions are becoming a popular thing in the FinTech space. Over the next few years, we plan on seeing new regulations to increase the speed in ACH transfers and payouts. This will be huge for our market segment.
LTP: What’s your next milestone?
CZ: We just released our Android app yesterday, so that’s a pretty big deal. Our main focus is to rapidly grow our user base, as well as seek our first investment in a seed round.
LTP: Anything else you want to say to our audience?
CZ: Qoins focuses on paying down debt, which we believe is the prerequisite to saving and investing.
LTP: What keeps you awake at night?
CZ: I am my own customer, in that I feel the pain points our current users have. Debt is a serious issue and I do not think we have found simple yet innovative ways to tackle it. What keeps me up is the drive to find that solution and helping not only myself but make a huge impact on consumer debt.
Thank you, Christian, for spending time with our LTP audience!
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