- Frich Money, a US-based social finance app targeting younger members, has initiated a pilot partnership with Michigan State University Federal Credit Union (MSUFCU).
- The partnership is facilitated through the Michigan State University Research Foundation’s Conquer Finance and Insurance Accelerator, with support from MSUFCU.
- Frich Money, launched in 2021, offers a financial wellness app tailored to help Gen Z users make informed decisions about money quickly and confidently.
- The collaboration aims to bridge the awareness gap between Gen Z and credit unions, with both entities striving to increase Gen Z participation in the financial space.
- MSUFCU CIO Benjamin Maxim highlights that only 4% of Gen Z currently utilize credit unions, emphasizing the importance of attracting and retaining younger members for the survival of credit unions.
- Both Frich Money and MSUFCU are aligned in their efforts to grow Gen Z participation in credit unions, recognizing the significant financial potential of this demographic, with their deposits estimated to reach a combined $10 trillion by 2030.
- The pilot partnership offers networking opportunities, funding, and mentorship to Frich Money and other Michigan-based finance and insurance start-ups, including Newzip, Approva, Ascent, and ScribeUp.
