FRiD

FRiD, operating under the legal entity Visonomic AS, is a Norwegian fintech company providing a mobile platform for personal finance management. The concept for FRiD originated in late 2019, leading to the platform's development starting in the autumn of 2020. This was spurred by the realization of a widespread need for better personal financial control and a new EU directive that required banks to open up for third-party financial solution providers. The company was founded by Erik Harstad (CEO), Guro Sollien Eriksrud, and Espen Ellevseth (CTO). Harstad previously founded the beekeeping technology company Nofence.

The FRiD application is designed to function as a personal financial assistant, targeting individuals, families, and even employers as a corporate wellness benefit. The platform allows users to connect accounts from various banks to gain a consolidated overview of their finances. Its core functionality includes automatically categorizing transactions, enabling users to see where their money is going without manual data entry. The app facilitates the creation of personal and family budgets, allowing budget periods to be set from salary to salary instead of just calendar months. Users can compare their spending habits against the 'norm' to identify potential areas for savings. A key feature is the automatic identification of recurring expenses, helping users spot and cancel unwanted subscriptions.

FRiD operates on a freemium business model. A free version offers basic features like connecting banks and tracking spending for up to 12 months. The company generates revenue through paid subscription tiers, 'Basic' and 'Premium', which unlock advanced features. The 'Basic' plan, priced at NOK 139 per month or NOK 1390 per year, offers unlimited budgets, automatic budget suggestions, control over recurring expenses, and the ability to share accounts with a partner. A 'Premium' tier is planned for users who want to manage surplus capital and receive investment advice. The company also generates income from speaking engagements. For corporate clients, FRiD positions itself as a financial wellness service for employees, aiming to reduce financial stress which can be a cause of workplace accidents. The company has received venture capital funding from investors including TheFactory and North Venture.

Keywords: personal finance management, fintech, budgeting app, financial wellness, bank aggregation, expense tracking, subscription management, family finance, financial planning, money management, Visonomic, Erik Harstad, Norwegian startup, SaaS, mobile finance, spending analysis, financial goals, recurring payments, wealth management, corporate wellness benefit