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Frollo is a FinTech startup with a mission to help people feel good about money. Founded in 2015, the company offers open banking solutions, a consumer app, and a SaaS Integration Platform to a range of financial institutions, including neobanks, traditional banks, fintech, lenders, and employers.

At its core, Frollo is dedicated to improving financial wellness and providing a more personalised and streamlined customer experience. Their Open Banking platform allows businesses to collect financial information in a fast and secure way, while their AI engine turns raw transaction data into insights that can help customers improve their finances.

In addition to its B2B offerings, Frollo also has a free app for consumers that allows them to track their spending and improve their finances. The app provides users with a clear overview of their finances, including budgeting tools, personalised insights, and alerts for upcoming bills.

One of the key milestones for Frollo was becoming the first FinTech in Australia to go live with Open Banking in July 2020. Since then, the company has continued to grow and expand its offerings, working with banks, lenders, and brokers to deliver better customer outcomes.

Frollo’s commitment to improving financial well-being has been recognized with several awards, including the 2021 Finder Award for Best Personal Finance App and the 2021 Finder Award for Best Budgeting App.

With its focus on using technology to improve financial wellness and customer experience, Frollo is poised to continue making a significant impact in the FinTech industry.

Competitors

Frollo’s competitors include Meniga, Open Bank Project, Bud, Trustly Group, GoCardless, and Fabrick.

Meniga offers white-label PFM and online banking solutions for retail banks, which helps banks use personal finance data to enrich their online and mobile customer experiences. They have expanded their offerings to include data-driven card-linked offers and other user-centric services designed to make online and mobile banking more engaging and useful.

Open Bank Project offers an open-source API and management platform for the banking industry, enabling banks and third-party developers to more rapidly and cost-effectively deliver tailored applications and services to their customers.

Bud provides a technology platform that aggregates financial services and products into a single marketplace. They offer an API that powers developers of financial services applications and helps them connect with user bank accounts.

Trustly Group is an online payments services provider that offers instant pay-ins and pay-outs, based on online banking e-payments. Their real-time processing, bookkeeping, and account reconciliation functionalities make payments quick, convenient, and safe.

GoCardless is an online direct debit provider that operates an international payments network for businesses to take and settle recurring payments from anywhere, to anywhere, in any currency.

Fabrick is an open financial ecosystem that enables and fosters collaboration between players to discover, create, and innovate solutions for end-users.

Overall, Frollo’s focus on financial wellness and providing personalised and streamlined customer experience differentiates them from its competitors, who offer a range of services such as PFM solutions, APIs, and online payments. Frollo’s use of Open Banking and AI to improve customer outcomes and help people feel good about money sets them apart in the FinTech industry.

Funding

Frollo has raised a total of $65,000 in funding over one round. The company’s funding was raised in a grant round on September 19, 2018, from MetLife. The grant was awarded to Frollo as part of MetLife’s Inclusion Plus competition for its gamified personal finance solution.

Prior to this grant round, the company had been funded by the founders, family, and friends. Frollo’s founder and chief Gareth Gumbley told StartupSmart that the grant was “quite humbling” and would help in the company’s B2B sales. The funding would be used for more consumer research, insights, design, improving customer experience, and taking the design process up to the next level.

Frollo is focused on cracking the Australian market before expanding to other markets. The startup has been successful in growing through word-of-mouth and selling software licences. A capital raise is on the horizon for Frollo to expand into additional markets.

Funding has been relatively minimal for Frollo, as the company’s focus has been on growth through sales and partnerships with financial institutions. The grant from MetLife has validated the startup’s mission and financial wellness app.

Acquisitions

Frollo has made one acquisition to date. In September 2019, the company acquired Hip Money, a Sydney-based fintech startup focused on helping young Australians improve their financial well-being. Hip Money’s personal finance app, which is no longer available, enabled users to track their spending, create budgets, and set savings goals. The acquisition was part of Frollo’s broader strategy to expand its customer base and enhance its suite of financial wellness solutions.

The financial terms of the deal were not disclosed. However, Frollo founder and CEO Gareth Gumbley commented on the acquisition, stating, “We’re delighted to bring the Hip Money team on board. They share our vision for using technology to empower consumers to make smarter financial decisions, and we believe their expertise in data-driven financial solutions will be a great asset to Frollo as we continue to grow and innovate in the financial wellness space.” The Hip Money team joined Frollo as part of the acquisition.

Founder

Gareth Gumbley is the founder and CEO of Frollo, a fintech company based in North Sydney, Australia. He has a background in consumer finance and has observed how many low to mid-income customers take on loans when they don’t necessarily need them. Seeing this problem, Gumbley was inspired to create a financial wellness app that can help users identify and change bad spending habits through gamified features. He coined it as a “Fitbit for finance” and aims to apply the same models used for health and fitness to financial well-being.

Gumbley is passionate about helping people improve their lives through increased financial well-being. He sees reducing the levels of financial stress users are under as a way to lead to better overall health. He is dedicated to providing actionable insights, gamification, and community building to Frollo’s customers, whether they are individuals or small businesses.

With his leadership, Frollo has won multiple awards for its innovative solutions, including the MetLife Financial Inclusion Award for being the best financial solution for low- to moderate-income Australians. Gumbley’s vision for Frollo includes expanding its services beyond Australia, although the company is prioritising the Aussie market for now.

Investors

Frollo has only one known investor, which is MetLife, a provider of insurance, employee benefits, and financial services. MetLife funded Frollo’s only funding round, a grant round that raised $65,000 on September 19, 2018. The grant was awarded to Frollo by the MetLife Foundation, which named Frollo the best financial solution for low-to-moderate-income Australians at its Inclusion Plus competition.

Frollo’s partnership with MetLife has been instrumental in the company’s growth and success. The financial backing of MetLife has enabled Frollo to focus on improving its technology, expanding its product offerings, and scaling its operations. Additionally, Frollo has leveraged MetLife’s extensive network and resources to reach a wider audience and collaborate with other industry players.

Overall, Frollo’s partnership with MetLife has been mutually beneficial. Frollo has been able to build a product that meets the needs of underserved Australians, while MetLife has been able to support a company that aligns with its commitment to financial inclusion and innovation.

Insights

Frollo is a fintech company that provides financial management solutions through its software platform, catering to neobanks, traditional banks, fintech, lenders, and employers. The company is on a mission to help people feel good about money by using open banking data and AI to provide actionable insights and gamification that encourages healthy financial habits.

One of the key insights provided by Frollo is the importance of financial well-being for overall health and happiness. The company recognizes that financial stress is a leading cause of anxiety and mental health issues, and seeks to address this by giving users more control over their finances and reducing the noise and confusion surrounding money management.

Frollo’s platform allows users to set financial goals, track their spending, and receive personalised insights and recommendations to help them make better financial decisions. The platform also helps financial institutions and lenders innovate and quickly bring new features to market through an API-enabled platform that leverages open banking data.

Overall, Frollo’s insights highlight the growing importance of financial management and the need for innovative solutions that use technology and data to make it easier and more accessible for individuals and businesses alike. By providing personalised and actionable insights, Frollo is helping to promote financial well-being and reduce financial stress for its users.