Acorns Acquires Peer Finance App Frich, Adding 1.6 Million Gen Z Members to Its Platform
Acorns Acquires Peer Finance App Frich, Adding 1.6 Million Gen Z Members to Its Platform #
Acorns, the Irvine, California-based financial wellness company, has acquired Frich, a peer-led social finance community built for young Americans, bringing 1.6 million members and a creator network into its platform. Financial terms were not disclosed.
Founded in New York in 2021 by Katrin Kaurov and Aleksandra Medina, who met as students at NYU Abu Dhabi, Frich was built on the observation that young adults tend to learn about money through candid conversations with peers rather than through formal financial education. The platform let users anonymously compare their spending and saving habits against those of real peers in a space designed to reduce the stigma around discussing personal finances.
As part of the acquisition, both co-founders are joining Acorns as Co-Leads of Education and Community. Kaurov, who served as Frich’s chief executive, said in the company’s announcement that the platform had spent five years helping people talk about money openly, and that Acorns represented a natural next step by connecting those conversations directly to investing and saving tools.
Acorns CEO Noah Kerner noted that investing can feel intimidating to people who have never done it, and credited Frich’s founders with creating a culture where admitting financial uncertainty was acceptable. He indicated the company planned to build on that foundation as it works to reach younger consumers earlier in their financial lives.
Acorns, which has helped customers save and invest more than $33 billion since launching in 2014, plans to integrate Frich’s community and creator network into its broader product suite. According to Fintech Global, the deal fits Acorns’ existing approach of bringing fintech founders into the company to develop new products and community features from the inside.
The acquisition reflects intensifying competition among retail investment platforms to attract Gen Z users before their financial habits solidify. Rather than building a peer community from scratch, Acorns has acquired one already operating at scale, gaining a direct channel to 1.6 million young adults actively engaged with personal finance content who represent a future pool of investors as their earning power grows.
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