JPMorgan Chase in New York has acquired Frank, a college financial-planning platform.
The $3.7 trillion-asset company said in a press release Tuesday that Frank serves more than five million students at more than 6,000 higher education institutions. It did not disclose the price it paid.
“We want to build lifelong relationships with our customers,” Jennifer Piepszak, Chase’s co-head of consumer and community banking, said in the release.
“Frank offers a unique opportunity for deeper engagement with students,” Piepszak added. “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’s platform includes a streamlined FAFSA application process, advice to students appealing and negotiating financial aid packages, curated scholarships and ClassFinder, a marketplace of discounted college-level courses for transferable credit.
The Frank brand will continue to be led by former CEO Charlie Javice, who was named Chase’s head of student solutions on the digital products team. Javice founded the platform in 2017.