New York-based investment banking giant JPMorgan Chase announced that it has purchased college planning platform Frank Financial Aid as it aims to deepen relationships with students and their parents.
In a press release, the U.S. bank announced the acquisition as it plans to assist students and their families while navigating their financial journey to college and beyond.
“We want to build lifelong relationships with our customers,” JPMorgan Chase’s Chief Financial Officer Jennifer Piepszak said in a statement. “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.”
Frank is the fastest growing online platform that has a goal to “make college more affordable for all Americans” by offering a streamlined federal financial aid application process and a marketplace of discounted college-level courses for transferable credit.
The college planning platform has been serving more than five million students at 6,000 institutions across the U.S. since it was first launched by Charlie Javice in 2017.
“We launched Frank to make college more accessible for students and their families, and have already helped millions across the nation,” said Javice, the founder and CEO of Frank. “We look forward to joining the Chase family to further this mission. Together, we can multiply our impact to help more students and their families achieve their financial goals and education dreams.”
The financial terms of the acquisition were not disclosed by the company.
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