JP Morgan Chase acquires Frank to firm up student offering

JP Morgan Chase has acquired college financial planning platform Frank as part of a wider push to broaden its offering for students.

Frank was founded in 2017

The firm will acquire Frank’s entire business, including its college course marketplace, scholarship and employment tools, and financial education and careers content.

Chase already has financial wellness branches and ATMs on or in close proximity to over 300 college campuses across the US.

Chase co-CEO Jennifer Piepszak says the acquisition will help the company “build lifelong relationships with our customers”.

Frank, founded in 2017 by then 24-year-old Charlie Javice, currently serves more than 5 million students at over 6,000 higher education institutions across the US. Frank’s online portal lets students apply for financial aid and enrol in Frank’s catalogue of online college courses.

Piepszak adds: “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.”

Javice says the acquisition will help Frank provide assistance to more students and their families to achieve their financial and educational goals.

The Frank brand will be maintained and led by Javice. She will also head up the student solutions division on the bank’s digital products team.