Sydney fintech Frollo scores $65,000 grant to take “Fitbit for finance” app to the next level, and reduce stress for Australians
Fintech startup Frollo has taken home a $65,000 grant from the MetLife Foundation, having been named best financial solution for low- to moderate-income Australians at MetLife’s Inclusion Plus competition for its gamified personal finance solution.
Established in 2016, North Sydney-based Frollo is a personal finance app that uses gamified features to help users identify and change bad spending habits.
The startup also licences its software to financial institutions and challenger banks, and founder and chief Gareth Gumbley tells StartupSmart it now has “tens of thousands” of users — a figure that is “edging towards the hundreds of thousands”.
Gumbley has a background working in a consumer finance business and saw a lot of low- to mid-income customers taking on loans when they didn’t necessarily need them.
“They were taking a quick fix, but weren’t solving the problem,” he tells StartupSmart.
There are a lot of apps “gamifying health and fitness”, Gumbley says, and so he set out to create a “Fitbit for finance” to apply the same models to financial wellbeing.
Typically, fintechs are targeted towards “the wealthy and the wise”, Gumbley says — that is, people who have money in the bank and want to do more with it. However, a lot of Australians are “living paycheck to paycheck”.
“The number one cause of stress in the home is financial,” he says.
Frollo is designed to give users more insight into their finances, allowing them to set themselves goals and see the differences small changes in spending habits can make.
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