Hi — we’re excited to introduce Frank to you. Frank is an idea we’ve been working on for the past year. It’s special to us because we think it can help make the world a more friendly, more collaborative, and more efficient place. A world where people can easily come together to support each other.
We hope you’ll enjoy it.
Our mission is simple: to make it easy for you to financially support and reward those you care about.
We want to make finance about communities.
We want to make finance about people.
What is Frank?
Frank (aka the “Friend Bank”) is a platform that lets you lend and borrow money directly with the people in your community that you love and trust. It lets you support and reward the people you really care about while keeping everything “in the family”.
Luckily, this is also smart economics. Research shows that when we help our friends financially in the right way, everyone benefits. Money gets paid back and everyone feels more connected without the hassle of middlemen or fees.
To ensure every lending community is a success, every detail of Frank is carefully constructed, and often informed by cutting edge behavioral research. We make sure everything is done in the right way.
Isn’t mixing money and friends weird?
We know mixing money and friends can seem awkward or risky. We’ve heard the Oprah warnings and horror stories too. We know that it can be weird to ask a friend for money, say no to someone you like, or to chase down a buddy who owes you.
That’s exactly why we built Frank: to avoid that unpleasantness. Frank creates a specific interaction that’s proven to be a safe and easy structure to lend and borrow from friends.
What do I use it for?
Frank is an open platform. You can use it however you want. We’ve noticed that people are using it in different and exciting ways.
In one case, Oscar was moving to New York after college and needed a bridge loan. He was moving into a new apartment and needed money for his security deposit and moving expenses. But he wasn’t going to starting working until after the move. He used Frank to ask his parents for help the right way. It made everything easy. It gave him credibility and made him feel like an adult. His parents appreciated that too.
In another case, Marianne has been using Frank whenever she lends money to friends. She lent her friend Cassie $200 for concert tickets. She Frank’d it to her so that Cassie would set up the repayment when she took the money out. It made things way easier for both of them.
What will you do with Frank? We can’t wait to see.
So why use Frank?
Because cutting out banks and middle men lets you keep more money within your communities.
Because it feels better to support and reward the people we trust than a nameless, faceless financial institution.
Because you know which of your friends are good for it. They might have a bad FICO score, but they’d never not pay you back.
Because it can super frustrating dealing with a bank, especially if you’re among the 95% of people that don’t have a private banker.
Because we know it works and can make the world a better place.