Ep. 48: Frich Makes Money Social and Accountable for Gen Z

In the latest episode, Hunter talks with the co-founders of a revolutionary app geared toward Gen Z. Katrin Kaurov and Aleksandra Medina, two young entrepreneurs who have traveled across the world and now settled in New York City, noticed a pattern of poor spending habits while building and maintaining a social life in each new place. The price of coffee dates, dinners, and cocktail hours adds up, and they wanted to break the cycle of financial stress for social generations like Gen Z and millennials. So, they started building Frich.

Frich is the first social finance app, and its purpose is to make money social. After trying other finance apps, Katrin and Aleksandra were inspired by the fitness apps that made exercise social and accountable. They created an app that adds secure, social accountability to personal finance, allowing friends to tackle social spending together. The co-founders saw a generational difference in how people discuss money, and they observed younger generations are more willing to admit their financial flaws and failures to friends. 

Frich makes budgeting fun and incorporates the support of your peers. Users can create spending challenges with friends, set savings goals, split bills, and receive rewards for meeting goals. Confronting your finances can be uncomfortable, but the app makes the process easier by encouraging positive spending habits while being held accountable by your friends.

Katrin and Aleksandra enjoy learning more about the start-up ecosystem daily, and they are confident that “people are ready” for an app experience like Frich. This fall, they are launching a campus ambassador program as students return to campus. Universities are a logical insertion point for Frich as young adults gain independence, form friendships, and start defining their style of budgeting.

Tune in to our latest episode to hear more from Frich’s co-founders on how to involve your friends with your finances.

More About Katrin

Co-founder of Frich. Worked as a model from the age of 15 which took me everywhere in the world – from London to New York, Hong Kong to Sydney. I started my first company at the age of 19 and after that created an app called Modelclub which was a social app for models & influencers. Inspired by that I left the fashion industry, got a Master’s at Harvard and worked at a late stage fin-tech company before starting Frich. 

More About Aleksandra

Co-founder of Frich. After completing an Interactive Media Design degree that equipped me with technical and design skills. I chose to develop an expertise in design and brand strategy working across Europe, Asia and the US building global brands with McCann. Additionally, I have built comprehensive PR strategies for brands such as Audi and Warner Music focusing on the Gen Z customer, before starting Frich.

You can check us out now on www.getfrich.com as well!