This company is no longer in business. Investors can get details about any potential exits or failures here.
Qoins
Early Stage
Pay off debt faster and save money without thinking about it
Overview
Raised: $245,485
Total Commitments ($USD)
Platform
Republic
Start Date
10/21/2021
Close Date
02/25/2022
Min. Goal
$25,000
Max. Goal
$1,070,000
Min. Investment
$100
Security Type
SAFE
Series
Seed
SEC Filing Type
RegCF
Valuation Cap
$12,000,000
Discount
0%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
02/27/2022
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,948
# of Investors
783
Momentum
Funded
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Year Founded
2017
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2C
Margin
Medium
Capital Intensity
Low
Qoins, with a valuation of $12 million, is raising funds on Republic. The company has created a financial wellness app that combines automation and financial education to help pay off debts faster. The users can use the app to set up their financial goals, automate extra payments towards lenders, and improve their overall credit score. Qoins has over 10,000 monthly active customers and reported a $1-2 million transaction volume in August 2021. Christian Zimmerman and Nate Washington founded Qoins in January 2017. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $1,070,000. The campaign proceeds will be used to position the company as a fully functional financial operating center.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$252,585 |
$344,471 |
|
COGS |
$343,138 |
$229,290 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-245,402 |
$-461,725 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$1,114,210 |
$14,055 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$1,114,210 |
$14,055 |
|
Short-Term Debt |
$144,087 |
$795,375 |
|
Long-Term Debt |
$73,431 |
$33,000 |
|
Total Liabilities |
$217,518 |
$828,375 |
Financials as of: 10/21/2021
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