Benzinga | Sep 21, 2021 10:30AM EDT

JPMorgan Reports Purchase Of Frank, 'the fastest growing college financial planning platform,' No Terms Disclosed

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210921005169/en/

The firm will acquire Frank's entire business, including its Easy FAFSA(r), 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(r) 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."