FinTech: JPMorgan Chase Acquires College Financial Planning Platform Frank
Frank is a popular college financial planning platform founded by serial entrepreneur Charlie Javice.
JPMorgan Chase & Co (NYSE: JPM) has acquired Frank, a very popular college financial planning platform for undisclosed terms. Frank enables students to locate, apply and obtain financial aid, find scholarships, and enroll in online courses. According to CNBC, JPMorgan bought up the fintech to enhance relationships with students and their parents.
In a statement, JPMorgan said it would acquire the entire business of Frank, which serves more than 5 million students at over 6,000 higher education institutions across the US.
Frank’s platform typically caters to the educational needs of 17-24-year-old students, 24+ years-old adult learners, parents, and low-to-moderate-income households. It features Easy FAFSA, Classfinder College Course Marketplace, Scholarships & Employment tools, and Financial Education and Careers content.
The portal allows students to apply for financial aid in a matter of minutes and access its catalog of affordable online college courses.
Charlie Javice, a 24-year-old female founder, launched Frank in 2017 intending to make college affordable for Americans and to make them financially more knowledgeable.
Frank was backed by investments from Chegg (NYSE: CHGG); Aleph, the U.S.-Israeli investment fund that also funded Lemonade; Silicon Valley Bank; and Marc Rowan, the co-founder and CEO of Apollo Global Management, one of the largest private equity firms in the world.
Engagement with students
“We want to build lifelong relationships with our customers,” said Jennifer Piepszak, co-CEO of Chase. “Frank offers a unique opportunity for deeper engagement with students. Together, we’ll be able to expand our capabilities for students and their families, helping them financially prepare for college and other major moments in their future.”
JPMorgan Chase has branches and ATMs located on or near more than 300 college campuses across the US. It is the largest US bank in terms of assets.
JPMorgan has no plans for private student lending which it discontinued in 2013.
“Charlie and her team have built an amazing connection student population,” said Jennifer Roberts, head of Chase consumer banking, in an interview with CNBC. “This really gives us access to a much larger pool of students.”
Related Story: JPMorgan Chase To Unveil UK Digital Bank Next Week
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