Two UF alumni want to make finance cool.
Bo Starr, a 23-year-old UF finance alumnus, and Aaron Froug, a 25-year-old UF economics alumnus, are launching their app called Grifin this summer. The iOS and Android app invests a user’s in-app purchases spare change into the company of the product’s stock by rounding up to the nearest dollar, Starr said.
For instance, if someone purchases a coffee for $3.50 at Starbucks, Grifin will automatically round up the purchase to $4 and invest the remaining 50 cents into Starbucks’ stock, Froug said.
“You get to invest into your life using the pennies of the purchases you’re already making,” Starr said.
During their four years at UF, the pair discovered that students didn’t have access to or interest in finance, Starr said. In Spring 2017, the then-seniors realized they could develop an easy way for students to handle financials and make money.
Both alumni decided to turn down several financial sector job offers to pursue the creation of Grifin full time, Froug said.
“We’re all at an age right now that we’re all risk tolerant,” Froug said. “And worst comes to worst if we fail, our experiences working together towards this passion of ours will only help us grow.”
They are currently paying UF students from any major to intern for the company’s pre-release trial that will eventually launch into a full-scale app later this year, Froug said.
Ella Starr, unrelated to Bo Starr, a UF chemical engineering senior, said the app would be useful to her after she graduates this semester. It is helpful to have a tool that manages finances and spending while transitioning into a full-time job, the 24-year-old said.
“Students have a hard time staying organized, especially when it comes to money, with so many things on their plate,” she said. “I think the app would be useful when it comes to saving into your future.”