In what is a recurring feature, Finopotamus spotlights innovative women who are positively impacting technology applications in the credit union industry, and beyond. For this issue, we visited with Frich Money's Co-Founder and Chief Product Officer Aleksandra Medina.
By W.B. King
Upon completing her studies at New York University in 2020, Aleksandra Medina was faced with more obstacles than a typical college graduate, namely a pandemic. Instead of seeing barriers, she and her roommate, Katrin Kaurov, turned their New York City apartment into a fintech thinktank of sorts.
“We were uncertain about how we’d navigate our adult lives, but also under the impression that our friends were earning way more than either of us,” Medina told Finopotamus. “So, my tech career started when Katrin and I co-founded Frich, but our impetus was much more about solving a problem for our peers than it was about building a fintech.”
Fielding Community Input
Based in NYC, Frich’s mission is to “make money social.” The app, developed for Gen Zers, is designed to empower peers to make informed decisions about money “quickly and confidently,” she explained, adding that the company has six employees, all of whom are tech-facing.
“Frich took off because we understood the needs of the target customers—ourselves. We wanted to know more about financial security, and we’d both had to work hard in the early stages of adulthood, so it was a topic that was close to both our hearts,” Medina said.
“As we learned more, I realized that as a student, there was no financial tool made for someone like me, and no reason for me to be interested in finance or budgeting,” she continued. “That’s why we’re so focused on who our users are, what they’re looking for and how to keep them engaged.”
While somewhat new to the fintech space, Medina believes the key to success is focusing on the consumer/member experience, which includes anticipating user wants and needs.
“Sometimes tech departments can be too narrow-minded, too engrossed in small issues that users won’t necessarily notice. That’s not to say you should launch a faulty product, but having a user-first approach will always benefit your customer,” she offered. “We make sure that feedback and community input is always listened to. Even though it’s been over three years since we launched, I still read feedback from our users every day.”
Offering Credit Unions Something Different
As female co-founders, Medina said she and Kaurov are happy to see more women in the fintech space but noted that there is still room for improvement. And while initially they encountered more men than women in the industry, gender wasn’t the differentiator—rather it was their “first-time founders” status.
“It can feel daunting to meet with credit unions and financial institutions and be in the minority, but it’s also empowering. As young female founders, we could offer credit unions something different: access to a young female demographic we connected with directly. We weren’t at those tables as a favor; we have something to offer these major financial institutions,” Medina continued. “It’s great to see that programs aimed at supporting women in tech are making a real impact, and it’s inspiring to see more female founders, investors, and engineers coming up through the ranks.”
Mentorship has also played a significant role in Medina’s career as well as to the growth of Frich. Investors and advisors, including those at Antler, Restive Ventures and TruStage [Ventures], as well as MSU Federal Credit Union (MSUFCU), were among champions she noted. Early on, executives at these organizations, she added, “understood what we were trying to achieve.”
She continued. “MSUFCU really understood how we could help them innovate, while our investors challenged us to think bigger and through them. We’ve been lucky enough to participate in some amazing accelerator programs and work alongside other inspiring founders.”
To pay this good fortune forward, Medina and Kaurov often speak to young entrepreneurs at colleges like Harvard Business School. “Particularly to women who are exploring entrepreneurship and possible careers in fintech,” she shared. “Even a small piece of encouragement can work wonders.”
Aligning Values
Among Frich’s five financial institutions clients is MSUFCU. This partnership allows the Gen Z community to have access to financial resources, Medina noted. “Working at the intersection of Gen Z and credit unions allows us to understand why the two groups can’t communicate properly, and we can help credit unions discover more about the problems that Gen Z is facing.”
Determining where potential disconnects might exist are often culled from polling Frich’s community, which Medina explained occurs daily.
“We’ve learned that Gen Z isn’t interested or motivated by the idea of building their credit scores, because it’s an abstract concept,” she said. “Instead, Gen Z is motivated by tangible goals like saving up for a car, or a nicer apartment—things that will directly impact day-to-day life.”
Working with credit unions, she shared, is also in line with Frich’s philosophy: genuinely caring about members and cooperation.
“We believe that being in a community can benefit you financially, as you can learn from others in the community and receive support if necessary. Another key difference is how credit unions are open to partnerships with fintechs,” she said.
Medina implored that these types of relationships between credit unions and fintechs are vital to the vivacity of the industry.
“Credit unions have long-standing financial prowess, with large successful communities, while fintechs are agile, creative and can access new demographics. A great example is our work with MSUFCU. We’ve given students access to financial management tools, while giving the credit union a way to reach new members,” she said. “It’s proof that when values align, incredible things can happen.”