The Bank Slate


Citizens in R.I. to buy college planning tool

Citizens Financial Group in Providence, R.I., has agreed to buy College Raptor, an online college planning platform based in Iowa City. 

The $227 billion-asset Citizens did not disclose the price it will pay. The deal is expected to close in the fourth quarter. 

College Raptor, founded in 2012, matches prospective students to schools based on academic and financial fit. It also helps those prospects evaluate and select a college. 

The acquisition “offers unique opportunities to engage with prospective college students and their families as they navigate the college search and selection process,” Chris Ebeling, Citizens’ head of student lending, said in the release. 

“This innovative platform further strengthens our ability to provide personalized advice and insights during this important stage of their lives, while also bolstering our commitment to financial empowerment,” Ebeling added. 

Goodwin Procter advised Citizens. Wedbush Securities and Pugh Hagan Prahm advised College Raptor.

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