The fintech company based in New York has been chosen to participate in the Conquer Finance and Insurance Accelerator, a program of the Michigan State University Research Foundation, which is funded by MSUFCU.

Newzip, Approva, Ascent, and ScribeUp are among the finance and insurance start-ups based in Michigan that are part of the program. They will all receive money, coaching, and networking opportunities.

Frich Money, a financial wellness app, was introduced in 2021 with the goal of assisting Gen Z users in "making informed decisions about money quickly and confidently."

The CEO and co-founder of Frich Money, Katrin Kaurov, claims on LinkedIn that the credit union will be able to assist in "better serving the next generation of members" as a result of the new collaboration with MSUFCU.

MSUFCU thinks Frich Money can assist in closing the "awareness gap" that exists between credit unions and Generation Z.

According to MSU Federal Credit Union CIO Benjamin Maxim, just 4% of the Gen Z population now uses credit unions, therefore both businesses share the same goal of increasing Gen Z involvement in the market.

According to Maxim, "the majority of credit union member bases have average ages above 50, which is making many in the industry realize that member succession planning—attracting younger members—is imperative for their credit unions' survival."

Since only 4% of Gen Z members presently use credit unions, it should be a priority to identify ways to draw and keep younger members as they move through the life stages. It is anticipated that Gen Z deposits will total $10 trillion by 2030.