According to the offering page, Qoins is seeking up to $1.07 million in a CrowdSAFE with a valuation cap of $12 million. As it stands today, investors have committed to over $123,000 with plenty of time left in the securities offering.
Qoins is an app (and soon a debit card) that automates extra payments to lenders thus improving credit scores while aiding financial wellness. The user sets the parameters and then the app automatically pays and saves where the user wants. The mission is to provide a path to financial freedom.
Qoin’s model is subscription-based so users pay either $2.99 a month or $4.99 a month – depending on the tier.
Beyond the forthcoming debit cards, Qoins is also planning to offer micro-loan financing, savings accounts, and “other financial initiatives.”
Previously, the company states that it has received the backing of Google for Startups, Rise of the Rest and others.
Qoins currently reports over 10,000 active customers with approximately $1 to $2 million in monthly transaction volume.
As of August, over $20 million in debt has been paid off and the company predicts this number will top $100 million by 2023.
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