Frich raises $2.8 million

Frich, a social financial community for Gen Z, has raised $2.8 million in a seed funding round led by Restive Ventures, with participation from TruStage, K20 and Spartan Innovations.

Founded in 2021, Frich is on a mission to help users find financial clarity. The app gives users the ability to ask questions anonymously to get a better understanding of how others their age are doing financially. When users register for Frich, they add some personal details and they are later placed into specific cohorts with similar users. For example, an NYU student can anonymously see what other NYU students are saving, how much their internship pays them, their average credit score, how they invest, what they spend on leisure and more.

Frich makes money by partnering with banks and other financial brands. The app has grown to over 100k Gen Z users nationwide, with primary markets being New York, Florida and Texas, and it is approaching $1 million in annual recurring revenue.