JPMorgan Chase Acquires Frank, the Leading College Financial Planning Platform for Students

Rhea-AI Summary

JPMorgan Chase & Co has acquired Frank, a leading college financial planning platform, aiming to enhance financial navigation for millions of students and families. This acquisition includes Frank's services, such as Easy FAFSA® and the Classfinder College Course Marketplace, catering to a diverse demographic including low-to-moderate income households. Frank serves over 5 million students across 6,000 institutions, positioning JPMorgan to deepen engagement and support financial literacy among students.

Positive

• Acquisition of Frank enhances JPMorgan's offerings in financial education and college planning.
• Frank's platform serves over 5 million students, expanding JPMorgan's market reach.
• Integration of Frank's services may lead to increased customer engagement and loyalty.

Negative

• None.

Acquisition to help millions of students and adult learners plan, save, and apply for college

NEW YORK--(BUSINESS WIRE)-- JPMorgan Chase & Co today announced that it has acquired Frank, the fastest growing college financial planning platform, to help millions of students and their families navigate their financial journey to college and beyond.

The firm will acquire Frank’s entire business, including its Easy FAFSA®, Classfinder College Course Marketplace, Scholarships & Employment tools, and Financial Education and Careers content.

“We want to build lifelong relationships with our customers,” said Jennifer Piepszak, co-CEO of Chase. “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 currently serves more than five million students at over 6,000 higher education institutions across the country. Their simple online portal lets students apply for financial aid in minutes and enroll in Frank’s catalogue of affordable online college courses.

Frank’s solutions uniquely cater to 17–24-year-old students, 24+ year-old adult learners, parents and guardians, and households of a low-to-moderate income. Their platform includes:

• A streamlined FAFSA® application process that reduces time from hours to minutes
• Advice to students appealing and negotiating financial aid packages
• Curated scholarships
• ClassFinder, a marketplace of discounted college-level courses for transferable credit

The deal is expected to accelerate Chase’s strong foundation with students including products, content, and guidance for students of all ages, with branches and ATMs on or in close proximity to over 300 college campuses across the country. These branches offer financial health resources and advice for students and their families like budget building, starting a savings plan or opening their first checking account.

The Frank brand will continue to be led by Frank Founder and CEO Charlie Javice. She will join the firm as Head of Student Solutions on the Digital Products team.

“We launched Frank to make college more accessible for students and their families, and have already helped millions across the nation,” said Charlie Javice, Frank Founder and CEO. “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.”

Ms. Piepszak added, “We are excited to welcome Charlie and Frank to JPMorgan Chase, and look forward to working together to empower students and their families to build a stronger financial future.”

About Frank

Frank was founded in 2017 by then 24-year-old female founder Charlie Javice to make college more affordable for millions of Americans and help them achieve financial wellness in their lives. More than five million students have benefited from Frank’s services on their path to higher education. The Frank platform includes an easy to navigate FAFSA® application form, ClassFinder marketplace for shopping for online courses, and resources to help students navigate a variety of financial situations. Investors included: Chegg (NYSE: CHGG); Aleph, the U.S.-Israeli investment fund that also funded Lemonade; Silicon Valley Bank; and Marc Rowan, the co-founder and CEO of Apollo Global Management, one of the largest private equity firms in the world.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing. Customers can choose how and where they want to bank: More than 4,800 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online, and by phone. For more information, go to chase.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005169/en/

Media contact:

Elizabeth Seymour

elizabeth.c.seymour@jpmorgan.com

Source: JPMorgan Chase & Co.

FAQ

What is the purpose of JPMorgan Chase's acquisition of Frank?

The acquisition aims to enhance financial planning and education services for students and families.

What services does Frank provide that JPMorgan Chase is acquiring?

JPMorgan is acquiring Frank's Easy FAFSA®, Classfinder College Course Marketplace, and various financial aid tools.

How many students does Frank currently serve?

Frank serves over 5 million students across more than 6,000 higher education institutions.

What impact is expected from the acquisition of Frank on JPMorgan's services?

The acquisition is expected to deepen customer engagement and expand financial resources for students at JPMorgan.

What financial institutions were involved with Frank before its acquisition by JPMorgan?

Investors in Frank included Chegg and Silicon Valley Bank.