Acorns announced plans to acquire Frich, an app and community for Gen Zers curious about their finances, in a move that will push the investing platform further into the pockets of the younger generation.
Frich, first launched in 2021, began after co-founders Aleksandra Medina and Katrin Kaurov found themselves looking for spaces to discuss their capital with Gen Z peers in a more laissez-faire way. The company has now grown to a community of 1.6 million users, its founders said.
Details of the acquisition were not disclosed. Frich, which stands for “Effing Rich,” raised $2.8 million in seed-funding in 2024, according to reporting at the time.
Frich allows users to ask financial questions, and have them answered. Sign-up is free, and the company generates revenue through brand partnerships with both banks and brands. The company would not disclose its annual sales, but in 2024 TechCrunch reported that ARR was “approaching $1 million.”
“The Frich team doesn't consist of middle aged finance bros — we're young people in our 20s (and veeeeeery early 30s 👀) that have gone through the same problems, figured it out & now are sharing our insights from a human perspective,” the company wrote on its website.
“We know money isn't always rational — especially when it comes to relationships & health.”
Acorns, which offers services for kids, teens, young adults and families, also would not disclose its valuation to TWIF. It says it’s served over 16 million customers and “helped customers save and invest” $33 billion.
“We're just gonna find the ways to integrate those two communities and kind of take the best pieces of Frich for Acorns,” Kaurov told This Week in Fintech. “A really big piece of where we continue our mission is just to make sure that everyone has the right tools to learn about money.”
Both Medina and Kaurov will stay on board at Acorns, working in its education and community sector. In the meantime, Frich will stay as it is for users.
“We're trying to really make it clear to people that, like, money's for everyone,” Medina said. “Being able to facilitate this safe place where people can watch and observe and learn from others, like [Acorns was] kind of the only ones that really, really got that.”
