Despite their delusional self-confidence in their ability to succeed in their side hustles and all of the TikTok investors in their ears, there is a problem with money culture for Gen Z: they don’t talk about their finances. And when you’ve never heard how you should manage your money, you will be left behind.
Date
10/01/2024
Author
Team Coeus
Enter Katrin Kaurov and Aleksandra Medina, Co-Founders of Frich: a social finance iPhone app for Gen Z that they have grown to over 250,000 users. Frich stands for, well, f**king rich, because they aim to put Gen Z on track to reaching their financial goals.
In this episode, Katrin and Aleksandra discuss how they built Frich from the ground up by utilizing their own observations on their generation’s taboos surrounding money. Katrin speaks of her own experiences in managing her finances while traveling the world as a runway model. She met Aleksandra at NYU Abu Dhabi, and the rest is history.
With a $2.8 million seed fundraising round banked this year, they’re ready to transform the financial status of students on college campuses and beyond. If you’re seeking to build out your initial user base for your mobile app or learn the Gen Z-native perspective on finances, this episode is for you.
Timestamps:
00:00 Intro
00:48 Katrin and Aleksandra's Backgrounds
06:33 What is Frich?
13:37 App's Differentiation and Partnerships with Financial Institutions
19:52 The Mastercard Accelerator & Advisor Onboarding
28:04 How They Raised $2.8M Seed Round
31:52 Fundraising Effect on Revenue & Product Roadmap
35:39 On Social Finance & Their Dream Product
40:47 Gen Z's Prioritization of Quality of Life
44:55 To Build for Gen Z, Talk to Them
47:31 Most Challenging Moments & Greatest Successes
52:05 What Would You Change?
53:58 Plugs