2023-11-28
Frich
www.getfrich.comHeadquarters
New York, NY
Employee Count
7
Year Founded
2021
Amount raised
$1.4M
Business model
B2B (banks, credit unions, or finance platforms pay Frich to offer co-branded products on the platform)
Early traction
80k+ Gen Z users, 25k MRR, 70% 60-day retention, partnered with Columbia University and NYU
Over the next few decades, there is going to be an unprecedented $68T wealth transfer to Gen Z.
Yet, this shift presents two critical challenges:
Lesser-known banks face an uphill battle in attracting Gen Z customers.
Gen Z lacks proper financial literacy, often turning to unreliable sources like social media influencers for advice.
This week’s company helps banks acquire new customers while providing financial literacy and transparency to the next generation.
Frich is a financial literacy app that bridges the gap between banks, brands, and the next generation of spenders.
Financial literacy: Frich provides content and tools for the next generation to learn, anonymously compare their financial standing, and take advantage of beneficial offerings.
Connects: Through Frich, banks and brands gain access to a coveted audience, offering products and perks directly to these young, engaged users
Bulleted Version
✅ Market opportunity: The $68T wealth transfer over the next few decades will accelerate Gen Z’s spending power to be the largest of any generation within the next ten years.
👩💻 User Acquisition: Frich’s strategic targeting of universities through ambassadors and curriculum partnerships lowers its user acquisition cost and captivates its ideal audience right at the source of their educational journey.
📊 B2B business model: Unlike typical consumer fintech platforms, Frich’s approach caters to Gen Z with a free financial tool, while generating revenue through co-branded products from credit unions, community banks, financial platforms, and more
😳 Privacy: Despite the anonymity of the financial comparison tool, Frich's requirement to share sensitive financial data could discourage potential users concerned about privacy.
🧐 Staying engaged: In a digital realm where Gen Z's interests rapidly evolve, Frich must consistently innovate and adapt to keep this dynamic audience engaged and prevent user attrition.
🌊 The Moat: Despite strong user numbers and retention rates, Frich's moat lies in its data-driven insights, rather than the technology itself, which is fairly replicable.
GoalSetter: Backed by ERA, Seae Ventures, MassMutual Catalyst Fund, Reseda Group, and others.
Debbie: Backed by Village Global, BDMI, Liquid 2 Ventures, Geek Ventures, and others.
Realworld: Backed by Techstars, Fitz Gate Ventures, Bezos Expeditions, Knightsgate Ventures, TTV Capital, and others.
Zogo: Backed by Techstars and acquired by Fidelity.
WhyFrich
By empowering Gen Z with essential financial knowledge and linking their significant purchasing power to banks, Frich is positioned to make its investors f*ckin rich.
*Nothing in this content constitutes investment or legal advice. Conduct independent diligence and consult professional advisers before making investment decisions.*
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