Quirk, the new finance app developed for Gen Z consumers, has been introduced to the wider public this week after managing to reach 10,000 beta users. The app’s developers are offering this “financially-neglected” generation their “best” way to get on top of their finances and “feel good” about their money.
Quirk’s approach to identify and reflect each client’s personality type and their financial situation allows it to assist each customer – free-of-cost – to learn, track and grow their funds in ways that “make sense” to them and to Gen Z collectively.
Quirk’s strength is understanding Gen Z and being able to simplify finances for them, by taking a personalized approach, created with assistance from psychologists.
In order to do this, Quirk’s app is one of the first that uses a personality test – based on psychological principles like the “Big Five” personality traits – in order to understand its users more deeply.
Combined with Quirk’s understanding of the user’s financial status/situation via Open Banking, each client enjoys educational support, budgeting and planning tools, as well as financial guidance personalized more precisely than ever before.
The result is that Quirk’s clients don’t just come to it to bank, budget, save or invest – they come because it assists them with figuring out what they need to do with their funds, for their particular life situation now and in the foreseeable future.
Nafeesa Jafferjee, Co-founder and Chief of Product at Quirk, stated:
“There is no ‘one size fits all’ answer when it comes to learning about and managing your finances, and this is especially true for Gen Z. What should I do with my savings? What’s the difference between good debt and bad? A lot of young people we talked to felt there was a lot of information out there but it lacked the context of their financial situation and guidance on what tangible actions they should take. Using all the capabilities that online technology can offer, we’ve built Quirk as a uniquely effective new solution, and the evidence so far is Gen Z loves it.”
Quirk has reportedly built up a steady following after its beta launch in 2021, primarily through its TikTok and Instagram community (around 35,000 followers) for whom Quirk’s founders have become ‘Finfluencers’, by using their own content.
Over 40,000 consumers have taken Quirk’s financial personality test, with around 86% noting that it reflected them quite accurately.
Using just TikTok and Instagram, Quirk has attracted over 10,000 active users. As noted in the update, 56% of Quirk’s clients are women.
Nikos Melachrinos, co-founder and CEO at Quirk remarked:
“Gen Z has been badly neglected because most of the finance industry is focused where they will make the most money, on older and wealthier people. But Gen Z will soon make up 40% of global consumer numbers, representing $140 billion in spending power.”
“Given that 86% of young adults say they do not feel financially literate, the potential for Quirk to help them radically improve their financial well-being, now and long into the future, is huge. Our success already – in terms of customer numbers, loyalty and grateful feedback – makes each new customer feel like the ‘beginning of a beautiful friendship’ that will be to our mutual benefit for a long time.”