Frich Qorus-Infosys Finacle Banking Innovation Awards 2025

Frich is a financial literacy app designed specifically for Gen Z, offering users anonymous, community-driven benchmark data to help them better understand and manage their money. The concept behind Frich is to replace unrealistic social media-driven comparisons with real, relatable financial insights from peers, helping users gain confidence, build healthy money habits, and talk openly about financial topics that are often considered taboo.

The idea for Frich was born from the founders' personal experiences. Gen Z entrepreneurs Katrin Kaurov and Aleksandra Medina felt the disconnect between their own financial realities and the wealth displays they constantly saw online. Recognizing that many young people felt similarly inadequate, they created Frich to normalize everyday financial behaviors and to empower users with information that feels authentic. At a time when Gen Z faces steep financial challenges, such as rising living costs, Frich offers a much-needed sense of community, realism, and support.

The competitive landscape includes more traditional budgeting apps, but these tools are largely transactional and focus on individual performance metrics like credit scores or spending limits. Few, if any, offer a peer-benchmarking, community-based experience that feels social and non-judgmental. Frich stands out by meeting Gen Z where they are, combining financial management with the social validation and transparency that this generation demands.

Frich draws direct inspiration from the founders’ lived experiences, but also from broader cultural trends: the rejection of curated perfection online, the desire for transparency, and the growing appetite among Gen Z for mental health and financial wellness resources. The project has involved multiple areas of the company, including product development (building the app and the Money Matters resource hub), community management (gathering data through user engagement and daily polls), partnerships with major brands (such as Nordstrom, Headspace, Lyft to name a few), and marketing efforts focused on breaking financial taboos and normalizing money conversations.

Since launching in 2021, Frich has built a thriving community of over 1.3 million users, raised $2.8 million in funding from notable investors like Antler, Restive Ventures, and TruStage, and established partnerships that connect users with money-smart resources in a way that feels fresh, approachable, and empowering.