Priya Patel
TLDR:
- US-based social finance app Frich Money enters pilot partnership with MSU Federal Credit Union
- Frich Money aims to help credit unions attract and retain younger members
US-based social finance app, Frich Money, has partnered with Michigan State University Federal Credit Union (MSUFCU) as part of the Conquer Finance and Insurance Accelerator program. Frich Money, launched in 2021, is designed to help Gen Z users make informed decisions about money quickly and confidently. The partnership aims to bridge the awareness gap between Gen Z and credit unions. MSUFCU believes that attracting younger members is imperative for the survival of credit unions, as only 4% of Gen Z currently utilize credit unions. Both Frich Money and MSUFCU are aligned in their mission to grow Gen Z participation in the financial space.
Full Article:
US-based social finance app Frich Money has entered into a pilot partnership with Michigan State University Federal Credit Union (MSUFCU). Frich Money, headquartered in New York, aims to help credit unions attract and retain younger members. The fintech has been selected to be a part of Michigan State University Research Foundation’s Conquer Finance and Insurance Accelerator, supported by MSUFCU, along with other Michigan-based finance and insurance start-ups.
Launched in 2021, Frich Money provides a financial wellness app designed to help Gen Z users make informed decisions about money quickly and confidently. The CEO and co-founder of Frich Money, Katrin Kaurov, believes that the partnership with MSUFCU will enable the credit union to better serve the next generation of members.
MSUFCU sees Frich Money as a solution to bridge the “awareness gap” between Gen Z and credit unions. MSU Federal Credit Union CIO Benjamin Maxim points out that attracting younger members is crucial for the survival of credit unions, as only 4% of Gen Z currently utilize credit unions. Both enterprises share the ambition to increase Gen Z participation in the financial space as they progress through their life stages, with a predicted combined $10 trillion in deposits from the demographic by 2030.
