Kontrak Social – an app designed to transform the way students lend and borrow from each other, minimising drama and maximising trust – has been created by ICMS alumnus Blake Mckenzie and co-founder Mat Peden.
Initially available in Australia, New Zealand, The Philippines, South Africa, and the UK, Kontrak Social is now live on both Android and Apple devices.
It’s completely free and easy to use, promising a new era where students can support each other without the fear of damaging important relationships.
Blake and Mat were inspired to create Kontrak Social by thinking back on their time as students when they found themselves constantly lending money to friends but never keeping track of it.
They realised that students often struggle with managing small loans between each other, leading to disagreements and damaged friendships.
Seeing a gap in the market for a solution, they decided to develop an app that could streamline this process.
Kontrak Social offers students a platform to request loans or borrow items, which peers can accept or reject. Once accepted, the app generates a digital contract with the loan terms, such as repayment amount and date.
“Kontrak Social is more than just an app; it’s a lifeline for students navigating the financial challenges of university life,” said Blake.
The app simplifies borrowing cash, using study equipment, or arranging accommodation by handling all documentation and tracking, reducing stress in lending and borrowing situations.
“We’ve all been in that awkward situation where our generosity becomes a relationship problem,” Blake explained.
“It ends friendships, strains families, and can be very stressful. We’ve designed a simple app that lets everyone agree on borrowing terms and timelines.”
Even if payments are late, the app notifies both parties, allowing renegotiation without conflict.
“In short, Kontrak Social lets you safely track loans without the drama of follow-ups,” Blake said.
“It’s about building a community where students can help each other out, stress-free.”
Blake credits much of his entrepreneurial success to his time at ICMS.
He earned his business degree at ICMS and graduated in 2003. He is currently the Co-CEO and Co-Founder of Kontrak Pty Ltd, working on the company’s pre-launch since February 2024 in South Coast, NSW.
Before that, he started IPN Valuers in November 2018 and still serves as the Founding Director. He also manages IPN Southval and IPN South Coast, leading the team and operations.
“My studies at ICMS provided a solid foundation in hospitality and tourism, but they did more than just equip me with industry knowledge,” says Blake.
He added that the practical experience and management skills he gained — like leadership, strategic planning, and operations—were crucial in preparing him for the challenges of launching his own business.
“The exposure to real-world business challenges and networking opportunities at ICMS gave me the confidence and tools to navigate the complexities of starting and managing my own company.”
For more information on Kontrak Social, click here.
News, Alumni