Social finance app Frich launches in the US
New US fintech Frich Money has launched aiming to provide social finance and money management to millennials and Gen Z.
Frich promises its users can “hack money” with friends
Frich is female founded, led by CEO Katrin Kaurov and chief product officer Aleksandra Medina. Kaurov is a Harvard graduate with experience in media and fashion.
Prior to starting Frich, Kaurov worked in partner curation for premier membership card Select, described by Fox Business as “Amex for the next generation”.
Medina is a 2020 NYU graduate, and prior to Frich spent much of her time working in design and social media.
Backed by Mastercard, Frich offers a savings wallet with a promise of no overdraft fees up to $200. Its app features face ID, mobile pay, funds transfer, and bill splitting services.
On its website, Frich says its inspiration comes from accountability and social aspects in apps from other verticals.
“Think of a fitness app where you have your gym buddy along for accountability and a little healthy competition. Now imagine this for your personal finances. That’s how Frich was born.”
The fintech says users can set spending goals together with friends and “keep each other accountable through challenges”.
It adds that every time a user wins a challenge it will reward them with free gift cards “at your favourite spots in the city”.
CPO Medina tells FinTech Futures the firm started with an outsourced team to “rapidly and leanly develop” the beta version of Frich as a proof of concept. “Soon after we moved to a full time in-house tech team as things got more intense and involved.”
Medina adds her firm was “incredibly lucky” to be scouted for the Falls Fintech accelerator, through which it closed its partnership with Mastercard.
The inspiration for Frich, she says, came from both her and Kaurov trying “almost every single budgeting app out there” and discovering most “miss the fact that money is inherently social, especially when you’re young.”
