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Qoins Takes Down Your Consumer Debt with Spare Change

by Muriel Vega

We automate our savings for vacations, a future home, a new TV — but what about extra payments on your student loans? We know, it sounds way more boring than saving for an Italian vacation, but freedom from your student loans can give you more purchasing power in the future. Qoins wants to give you back that power sooner rather than later.

Qoins helps pay off your debt early with the spare change from your bank transactions. Think Bank of America’s Keep the Change — but for your debt. Then, each month, Qoins calculates your spare change from the previous month and makes an additional payment to your student loans or credit cards.

Founders Christian Zimmerman and Nate Washington are currently ramping up for the beta, accepting early sign ups on their site and getting ready to get you one more step closer to debt-free. Here, they talk about the inspiration behind the app, their smart revenue stream, and how they differ from their competitors.

Year/Date Founded:

Qoins was founded in May of 2016. 


Christian Zimmerman (Founder): I’m an alumnus from Georgia State University. I am 23-years-old and currently work at Hirewire, another fast-growing startup. 

Nate Washington (Co-Founder): I’m a criminal-justice-major-turned-programmer. I’ve founded a couple of small startups in the last couple of years and I’ve been a freelance programmer for a couple years now. My apps have won a few local competitions around Georgia. I’m an avid fan of the Atlanta startup community and everything that it has to offer! I love creating things that have a positive impact on the world. 

Funding or bootstrapped: 

We are currently bootstrapped, but we’ll be seeking seed funding in the near future. Right now, our main focus is getting the right advisors on board and acquiring the right partnerships. We’re specifically looking for advisors with FinTech experience and investors with banking/debt repayment expertise.

cofounders-pic-1Your Pitch:

Qoins is an automated micro-payment platform that uses your spare change from your everyday bank account transactions to help pay off your debt faster. It’s similar to Digit or many large banks’ “way to save programs,” but instead of simply moving your spare change to another account, we send it directly to your creditors to help you achieve financial freedom as quickly as possible.

What problem are you solving?

Qoins is currently attacking the $1.3 trillion+ of student loan debt and $951 Billion of credit card debt. As we grow, we plan to include an additional focus on other forms of debt, such as auto loans, mortgages, and more. The biggest problem that many people have when it comes to tackling their debt quickly is having the willpower to budget and get it done. We solve this problem by automating the process so that you can continue your normal lifestyle while still getting a jumpstart on being debt-free.

Please describe the market/industry impact:

Consumer debt is growing every day and many people can’t see a clear path towards financial freedom. Qoins helps students and adults find a way. By automating the process, Qoins helps people achieve their financial goals without changing their daily spending habits.

Revenue Model:

Qoins costs only $1 per month to use. In fact, the $1 fee is barely noticeable, as it’s deducted from the spare change that is collected throughout the month. At the end of the month, we’ll send out a payment on your behalf, less the $1 fee. We also have additional avenues for revenue that we’d like to explore in the future.

How’d you get the idea for it?

Christian: I recently graduated from GSU and I knew I would soon have to start repaying my student loans. I was playing around with money saving apps and that’s when the idea hit me: Why not just use my spare change to pay off my debts automatically?  

qoins-screenshotWho are your competitors and how do you stand out?

One of our closest direct competitors would be ReadyForZero. Other apps in a somewhat similar space are Digit and Qapital. We’re different from our competitors in that we provide an automated way to increase your net worth without being able to reach back into the “cookie jar” to use your spare change for something else. Saving and paying off debt early takes serious willpower and many people struggle with debt. Typical “spare change” programs just move your money into another account, where accessing it isn’t difficult at all. Qoins allows you the freedom of continuing your normal lifestyle, while effortlessly setting a foundation for your future.

How does ATL weave into your story?

Christian: I have lived in GA my whole life but in the heart of Atlanta for the past 5 years. I love it a lot. Having gone to Georgia State University and seeing how the city is growing so fast, it’s fascinating to see how much has changed in the just the past few years. Atlanta is home for me and I know for a fact that Atlanta is the next big thing.

Nate: I grew up in Savannah, but I moved to Atlanta in 2009, to attend college at Georgia State University. Over the last 7 years Atlanta has become a true home to me. It almost feels like I was raised here! I was first exposed to Atlanta’s startup scene in 2014, and I’ve been hooked ever since. In addition to being such an amazing hub for tech companies, Atlanta is also full of the very same people that we are helping. This city is full of young adults with debt from student loans, credit cards, and more. We can help them get closer to financial freedom, and allow them to set themselves up for the future.


We aren’t currently hiring, but motivated individuals who are interested in connecting with us should reach out to us at info@qoins.io.

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