For Katrin Kaurov, 28, and Aleksandra Medina, 26, striking a pose on the runway has been replaced by running a fintech venture.
Called Frich, the free app launched in New York City in 2021 and is designed to bridge the gap between financial institutions and Gen Zers. It gives young users anonymous peer insights, revealing how other students budget, invest and tackle student loans. It’s a strategic partnership with Mastercard and leading investors such as Goodwater Capital, Financial Venture Studio and Antler.
The idea comes from the women’s own experiences. Kaurov, the company’s CEO, hails from Tartu, Estonia, and started working as a fashion model at 14, working in 20 countries for top brands by the time she was 18.
“I had to become financially independent really early on,” Kaurov said. Soon, the young businesswoman identified a problem across the community: “Models often get paid in cash, inconsistently, and start really young in the industry when nobody teaches you how to manage your money.”
Medina, Frich’s chief product officer, meanwhile, started her modeling career during her gap year working as a brand strategist at McCann. The Riga, Latvia, native received a full scholarship to NYU Abu Dhabi, where she met Kaurov during her freshman year, and the two became fast friends.
While Medina graduated with a bachelor’s degree, Kaurov dropped out to continue working as a model, building Modelclub, a company to help fellow models save money.
She later joined another fintech firm, Select, that she scaled up with 150-plus new partners and launched in five new markets.
The pair knew they had the right credentials to start something together, since they both worked across different continents and still struggled to get a grip on their finances.
“Even with all those experiences, we still felt clueless about building credit, figuring out how much is normal to spend on social lives and whether we were ‘behind’ others financially,” said Kaurov.
The Internet only complicated things.
“We were bombarded with ads from financial institutions that felt completely irrelevant to us,” Kaurov said. “We found ourselves scrolling through questionable life advice on TikTok.”
Kaurov and Medina just wanted to know how people their age were actually spending their money. “That’s when we realized that money isn’t just about budgeting or investing. It’s woven into every decision we make in life,” said Kaurov. “Where can we take our date without breaking the bank? How do we actually retire early?”
They set out to build their own solution to address their questions around money and how their peers were spending and saving.
When users register for Frich, they add personal details like their current income, the university they attend, ZIP code, etc. Based on that, they’re added into a cohort with similar users and they can scout out intel from there.
For example, if you’re an NYU student on a scholarship, you can anonymously see what other NYU students on a scholarship are saving, how much their internship pays them, their average credit score, how they invest, what they spend on leisure and more.
“For financial institutions, Frich becomes the perfect gateway to college students, connecting them with the right products and advice exactly when they need it, building relationships that last a lifetime,” said Kaurov.
The founders believe the app’s transparency gives young people the confidence to make quick decisions that align with their situation.
“When it comes to money, sometimes there’s no time for goal-setting — you just need to figure out the best thing to do as quickly as possible,” said Kaurov. “That’s what we aim to provide at Frich — a clear view of where you stand compared to your peers and potential solutions that have worked for your community.”
When the duo first started Frich, all they had was a name and a dream.
“Mastercard reached out to us to partner. We didn’t believe it was real at first and didn’t even respond to their first email,” shared Kaurov.
To other aspiring business owners, Medina urges people not to procrastinate.
“Don’t let your age or perceived lack of experience hold you back,” said Medina. “The best way to learn how to run a business is to run a business,” she continued, noting that if you start your journey while you’re new in an industry or new at entrepreneurship, that gives you a fresh perspective and an open mind. “This is actually a huge value add that sets you apart as a founder,” she said.
Kaurov didn’t know a single investor or founder when she started Frich.
Her advice: “Have as many conversations as possible, start building relationships way before you need to raise, so you can build credibility with investors, and make sure to think big. Investors will want you to see your vision of how your startup can be a multibillion-dollar business before you have even launched.”
And, don’t be discouraged by setbacks.
“A ‘no’ doesn’t mean it’s a no forever — it’s just a step before it becomes a ‘yes,’ ” said Kaurov. “Our most important investors turned us down multiple times before becoming our biggest champions.”
Networking and hustling will serve you well, even if you face more than a few rejections. “Business is all about people, and networking benefits compound over time,” said Kaurov.
Additionally, Medina stressed the importance of striving to make sure that the company outgrows you.
“Hire people that are smarter than you, create things you’ve never thought of before,” said Medina.
There is one person you don’t want to outgrow: your co-founder. “We met eight years ago in Abu Dhabi and have been best friends ever since,” said Kaurov. “Pick a co-founder you’re willing to go through everything with.”
