Aleksandra Medina, Co-Founder and CPO, Frich

Today we're meeting Aleksandra Medina, Co-Founder and CPO at Frich. They specialize in the fastest-growing Gen Z money community, using real-time data to show users how people just like them spend, earn, invest, and save.

Over to you Aleksandra - my questions are in bold:

Who are you and what's your background?

I'm Aleksandra Medina, co-founder and Chief Product Officer at Frich, the social finance app redefining how Gen Z interacts with money. I started studying engineering at NYU Abu Dhabi, but found the course dissatisfying, so I took a year out to work in Europe with growing companies, helping them to build their brands. I then returned to NYU to study interactive media, and it was during my year abroad in New York that I co-founded Frich. While I don't have a traditional finance background, I understand the importance of building a product that's right for its users, and ultimately that's what's impacted our success with building Frich.

What is your job title and what are your general responsibilities?

As CPO, my responsibilities focus on product strategy and user experience which informs how we design our product. I collaborate with our team to ensure we're delivering features that resonate with our users, and I spend a lot of time gathering feedback from our 1 million-strong Gen Z community to make sure Frich evolves alongside their needs.

Can you give us an overview of your business?

Frich is the first social finance app designed for Gen Z, empowering users to benchmark their spending habits and gain financial clarity by comparing themselves to their peers. Users of our app can see anonymous community data to provide real, tangible insights into how their peers manage their money in areas like rent, groceries, and even dating. Our unique selling point is that we tackle the taboo of money discussions, turning financial literacy into an engaging and relatable experience. Our business model is ad-supported, but what sets us apart is that we're laser-focused on creating meaningful partnerships with brands that are right for our community. Our users feel less judged when talking about money and more empowered about their own financial decision-making.

Tell us how you are funded?

We raised a $2.8M seed round last year, supported by investors who understand the massive potential in the Gen Z market and understand the meaning behind the business.

What's the origin story? Why did you start the company? To solve what problems?

Frich was born out of a frustration with how unrealistic financial expectations are perpetuated on social media. My co-founder Katrin and I were living in a tiny apartment in Chinatown, watching influencers portray extravagant lifestyles that didn't match up with the financial realities of our peers. We wanted to create a tool that cuts through that noise, providing real benchmarks so people can see how others in similar life stages manage their money. Our mission is to make finances less intimidating and more transparent. By showing users real-world data, we help them make smarter financial decisions without the judgment or guilt often associated with traditional personal finance tools.

Who are your target customers? What's your revenue model?

Our target audience is Gen Z, specifically individuals navigating the transition into financial independence. These are people who might be getting their first paycheck, moving out on their own, or managing student loans. Our revenue model is ad-supported because our app is free; we fundamentally believe that our users shouldn't have to pay for the advice we provide. However, that means we think carefully about the brands we partner with. For example, we have a larger female user base, so we partnered with Lyft as part of their initiative to get more female drivers. Driving can be an accessible side hustle for many, so we're giving our female users a chance to boost their earnings in a new way. Choosing relevant partners that make sense for our users is our priority.

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

I'd eliminate the complexity and jargon that keeps young people from engaging with their finances. The industry needs to stop assuming everyone speaks "finance" and start building tools that are relevant to people's real lives.

What is your message for the larger players in the Financial Services marketplace?

I think the main thing is to prioritise the next generation of customers. Gen Zers are already adults, so if you've failed to engage them, you've missed out on a whole generation. Gen Alpha is next, and they demand more intuitive tech, more transparency and more speed. If you're not developing processes and products that are built for them, you're losing them.

Where do you get your Financial Services/FinTech industry news from?

I'm a big fan of Nicole Casperson's newsletter, Fintech is Femme. Her insights are always sharp, and I love how she brings a fresh, inclusive perspective to the fintech space.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

I'd highly recommend following:

• Cameron Rogers, a private wealth advisor at Ellevest. Ellevest focuses on investing for women, and it's great to see financial services companies that are focused on female customers.
• Cameron Peake, Partner at Restive Ventures. She's an expert in scaling fintech companies and highly skilled at supporting early founders to grow startups.
• Elizabeth McCluskey, a prominent investor and leader of the TruStage Ventures Discovery Fund. Elizabeth focuses on investing in seed-stage fintech companies led by underrepresented founders, and I really appreciate her focus on how fintech can be more inclusive.

What FinTech services (and/or apps) do you personally use?

I'm a big fan of Alinea Invest. It's a great platform designed to make investing more accessible, particularly for beginners, and I find the founders inspirational: we're quite aligned with them because we both make user experience a high priority. I'd also really recommend Fundrise for those looking to get into investing in sectors like real estate; it's a great product that also demystifies what can be a complicated asset class for many.

What's the best new FinTech product or service you've seen recently?

I'd have to say Fifr. The focus on financial wellness and human advisors really stands out to me in the AI-obsessed startup landscape.

Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?

The obvious one would be to talk about AI, but I think that in itself isn't a trend. What AI will provide should be the focus: it'll allow for more personalisation and tailored tools to people's individual needs. That personalisation is also crucial for reaching underserved demographics, which big banks aren't making their mark on. After a really tough few years for B2C fintech, I think the sector is going to have a big comeback moment with the companies that weathered the storm: especially those leveraging AI to create more meaningful, personalised experiences for their users.

Thank you very much Aleksandra!

Read more about Aleksandra on LinkedIn and find out more about Frich at www.getfrich.com.