Former teen model co-created app Frich to help Gen Z be more realistic about finances

Image Credits: Co-founders Aleksandra Medina and Katrin Kaurov / Frich

As a teen model, Katrin Kaurov became financially independent at a young age. Aleksandra Medina, whom she met at NYU Abu Dhabi, also learned to manage money early on. The pair bonded as students over what they viewed as a lack of a space for open conversations for people their age to have around financial wellness.

So they teamed up in 2021 to start New York City-based Frich, a startup that aims to serve as a social financial community for the Gen Z population. 

The premise behind the company, they say, is that Gen Z is tired of inauthenticity. Unrealistic portrayals of financial success are displayed all over social media and it leaves people wondering how they truly compare to their peers financially, Kaurov and Medina say.

We realized that Gen Z has no clue what to do with money and we’re all pretending on social media that we have our lives together, when in reality, we don’t,” Kaurov said in an interview with TechCrunch. “Are they actually overdrafting or are they actually living those lavish lives? We just felt there was a really strong disconnect between what’s being shown online, and what the banks and financial institutions are offering with Gen Z actually wants.”

Users of Frich — which stands for “Effing Rich” — have the ability to ask questions anonymously on the app to get a better understanding of how others their age are doing financially without feeling competitive. They can also anonymously share financial data to see how they compare with peers. For example, a college freshman can see what others with similar backgrounds spend on entertainment, investing and rent. Questions users could ask include, for example, How much are people my age investing? Do my classmates have allowances?

“I think one of the things that makes Gen Z really different from any other generation is that Gen Zers want to talk more about money,” Kaurov said.” They want to be open and honest about the realities of what’s actually going on like how much are people actually spending, what are people’s credit scores and what they are spending on the first date.”

And for those seeking help to improve their situation, Frich is ready to take the data collected from users and connect them with relevant financial brands.

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