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JPMorgan Chase, the U.S. multinational investment bank, has acquired the college planning platform Frank Financial Aid in an effort to deepen relationships with students and their parents, CNBC reports.
Frank, an online platform that connects students with scholarships and state aid opportunities and helps students apply for and negotiate financial aid, has served more than five million students at 6,000 institutions since it launched in 2017. Users of Frank tend to be students from low- to moderate-income families, and many are women and first-time college attendees, a JPMorgan spokesperson told CNBC. The tools and content on Frank are free to students, however, Frank charges schools an annual fee, founder Charlie Javice told CNBC.
CNBC reports Frank will retain its branding and Javice will remain at the helm. She joined JPMorgan as head of student solutions on the bank’s digital products team. The companies declined to say how much JPMorgan is paying for the acquisition. Frank has raised more than $20 million from investors since 2017.
In November of last year, Frank said it removed CARES Act information from is website after the Federal Trade Commission warned the company that it could be misleading consumers about the coronavirus relief program. The FTC said Frank mainly provided students with a form letter that was not tailored to the application process and documentation requirements of each school.
