Qoins Co-Founder and CEO Christian Zimmerman joins the Yahoo Finance Live panel to discuss how his company is tackling th...
Consumer debt & lack of financial literacy is a massive problem
Debt is a problem that plagues 8 out of every 10 Americans. The average American carries $7-$9K in outstanding debt every month. This problem is conflated by poor financial literacy and lack of savings. Even worse, these statistics disproportionately impact minority populations.
With most consumers having some form of debt, every generation, old or young, is being impacted.
Qoins: combining automation & financial education to pay off your debt faster
Qoins is a leading financial wellness app that makes it easy to pay off debt, without having to think about it. With Qoins, customers can set up their financial goals, automate extra payments towards lenders, and improve their overall credit score through everyday purchases.
Introducing the app & debit card that pays off your debt faster
With Qoins, start paying off your debt faster than you ever expected. Start by 1) choosing your financial goal 2) selecting how you want to save throughout the month and 3) picking what debts you want to pay off, and we'll take care of the rest. Qoins automatically saves and applies extra payments towards your debt so you don't have to think about it.
Launching in Q4 of this year: one of the first debit card that pays off your debt through everyday purchases. Now, every time you buy groceries, get gas, or grab lunch, you can have peace of mind knowing you're also automatically saving money and paying off your debts. We'll work with retailers and merchants across the US to help you get cash-back rewards that are directly applied towards paying off your debts faster!
Join the waitlist!
Secure your spot on our debit card waitlist HERE
Security is our top priority. That's why Qoins uses industry-leading bank encryption to link customer accounts. We never store banking information.
$20M worth of debt paid off and counting...
With over 10K+ monthly active customers, our main focus continues to be around the impact we're able to make for our customers. That's why our north star goals are the total debt paid & saved for our customers.
Through our mission-driven focus, we're also seeing an average 100% yearly annual revenue growth.
We’ve also been featured on Debt.com, CNNMoney, Nerdwallet, Forbes, and other premier finance and debt media platforms.
*Above stats as of August 2021
"A must-have app for those looking to become debt-free"
Qoins’ platform helps our users pay off their debt faster, without even thinking about it. Our app has been called a "must-have" and we’ve received 4.8 stars with over 2,000 reviews.
In addition to our customers, we are committed to educating the public through Qoins Cares. With these events, we help raise funds to aid underprivileged families pay off debt, teach financial literacy, and empower our communities to take control of their finances. That's why for every $100 we're able to raise in our Republic campaign, we will donate $1 towards paying off someone's debt, up to $10K total!
Multiple subscription tiers
Qoins has 2 subscription tiers at $2.99/month and $4.99/month Since the recent pandemic, we've also begun working with lenders and debt-payment agencies to license our technology for their customers. Based on our current growth and business model, we project that our revenue will be $3-5M by 2024.
Along with the launch of the Qoins debit card in Q4, this will open up an additional revenue stream from interchange fees: 1-2% of every purchase made with a Qoins card. We believe offering a real-world product will allow us to help get rid of fees to our customers and monetize through merchant networks.
A $12.7T market
Consumer debt is a $12.7T market. Our target customers are millennials, and with our current traction and user base, we expect to reach an initial target market of $44M.
We don't just help you "put money aside"... we help you become debt-free
Unlike our competitors, Qoins has established a niche for itself within the debt relief industry: we focus on improving subprime FICO scores and helping our customers achieve their financial goals through automated accountability and making every purchase an opportunity to pay off your debt.
Goal of $100M in customer debt paid off by 2022
By reaching our funding goal, we will continue to grow and capitalize on what makes us relevant and essential for our customers.
This includes rolling out debit cards, micro-loan financing, and savings accounts, among other financial initiatives. This will position us as a fully functional financial operating center for our customers. Our goal is to have erased a total of $100M of debt and engaged with 50K+ total subscribed customers by the end of 2022.
Over $2M in seed capital raised from prominent investors & advisors
We've been backed by Village Capital, Queen City Fintech, Google for Startups, and Rise of the Rest among other supporters. We are currently raising funds to grow our team, revenue, and expand our product offering (launch of the Qoins debit card)!
2021 Forbes 30 under 30 Recipients for Social Impact
Christian & Nate were awarded Forbes 30 under 30 for Social Impact this year. This recognition is not only indicative of the founders' values but also the overall mission of Qoins.
Meet the Founders