Frich is a US-based social finance app aiming to boost the financial literacy of Gen Z by providing transparency around money and insights into how their peers handle life’s financial challenges.
Katrin Kaurov, CEO and co-founder of Frich, conceived the idea for Frich while navigating her own financial journey as a teen model and then as a student in a small apartment in New York, which she shared with her future co-founder, Aleksandra Medina.
Here Kaurov explains how Frich leverages social dynamics to make financial literacy accessible and engaging for a generation that values community.
Katrin Kaurov, CEO and co-founder of Frich
Tell us more about your company and its purpose
Frich is a social finance app helping Gen Z feel empowered by money, by breaking down financial taboos and providing users with authentic insights into how their peers manage money. Users can anonymously compare themselves with their peers, seeing how much they’re spending money on dating or mental health, how much they’re investing, or which credit cards they’re using.
We share raw data which users can benchmark themselves against, to see where they’re at with managing their finances, and we offer practical advice and resources to help young people get ahead financially. This helps users navigate key financial decisions they face while at university or at the start of their careers, from budgeting for groceries to managing student loans or apartment hunting. Our goal is not to be a boring budgeting app, but to be a crucial app for Gen Z to have – a social network where people can ask the financial questions they’ve always wanted answered.
What are some of your recent achievements you’d like to highlight?
We’re proud to have grown our community to over 250,000 Gen Z users and raised $2.8million from investors like Antler, Restive and TruStage. Additionally, we’ve built key partnerships with university credit unions like MSUFCU and banks like ZYLNLO Bank, which help us connect traditional financial institutions with Gen Z.
How did you get into the fintech industry?
Both my co-founder, Aleksandra, and I had financial struggles as students in New York, and I’d learnt how to manage my finances when I was thrown in the deep end, modelling across 20 countries from the age of 14. The financial realities we faced didn’t match what was portrayed on social media, making us feel financially inferior. That experience sparked the idea for Frich – we wanted to create a platform that would provide real, attainable financial benchmarks and help young people feel more in control of their money.
What’s the best thing about working in the fintech industry?
The fintech industry is constantly evolving, with so many innovations aimed at solving real-world problems. The most exciting part is knowing that the work we do has a direct impact on helping young people become financially empowered. We’re attempting to do things differently in the industry, building a brand around money rather than being typecast as a ‘budgeting app’, and aiming to make money accessible, not intimidating, for the average person.
Speaking directly to users for a report with Cornerstone advisors allowed us to see exactly how and where we’re making a difference in young people’s financial lives. For example, the average Frich user has $4,100 in investments, and 80 per cent of Frich users are saving for either a big purchase or for an emergency fund. There’s a genuine opportunity to change lives by making financial tools more accessible, appealing to and relevant for a generation that hasn’t had the financial education they need.
What frustrates you most about the fintech industry?
One frustration is the gap between traditional financial institutions and younger consumers. Many institutions haven’t adapted to the unique needs of Gen Z, which creates a disconnect. While we’re working to bridge this gap through partnerships, there’s still a long way to go in making traditional finance more approachable and relevant for younger generations.
One thing that’s also been frustrating is the perception that consumer fintech can be ‘risky’, and during the recent period of high inflation, we frequently heard that our business was risky – even though we’ve outlived some of those B2B fintechs that were seen as a safe bet.
How have your previous roles influenced your career?
My experiences as a fashion model living in multiple countries taught me essential financial management skills—handling different currencies, irregular payments, and the realities of being financially independent from a young age. These experiences shaped my understanding of the importance of financial literacy and ultimately led me to co-found Frich.
Navigating personal financial challenges early on gave me exact insights into what young people want from their money, and it means that we really understand who are users are and what the issues they face look like. It also gave me a strong sense of how to build a strong brand – as a model, you’re building a brand for yourself, and as a founder, those skills are put to good use by building your company’s brand.
What’s the best mistake you’ve ever made?
You can put it in nicer words but being completely ignorant and oblivious what building a venture backed fintech will actually mean. When we started we knew so little of what to be worried about (eg industry norms regulations how things are supposed to be done) that we went and executed everything anyways. That really helped us build a unique brand.
What has the future got in store for your company?
The future is all about growth and expanding our community. We’re building the biggest and fastest-growing money community for Gen Z, and we want to continue that growth. We also aim to deepen our partnerships with credit unions, banks, and fintech companies to continue offering valuable insights to Gen Z. We really want to act as a bridge between the next generation and these very old-fashioned, traditional financial institutions, helping them understand one another.
What are the next key talking points or challenges for your industry as a whole?
One challenge facing the financial industry is that there’s a major communication gap between young people and financial institutions – they’re both afraid of each other, but can’t speak each other’s languages. Gen Z have very different wants and needs to previous generations, and requires a specific approach. With economic uncertainties and rising living costs, Gen Zers want a better financial future, so there’s an increasing need to provide accessible financial education and resources.
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