Consumer and commercial banking business JPMorgan Chase & Co has acquired Frank, a college financial planning platform for students and their families.
Frank currently caters to more than five million students at over 6,000 higher education institutions across the US. Its customers include 17-24-year-old students, as well as students aged over 24, parents and guardians, and households of a low-to-moderate income.
The Frank brand will continue to be led by Frank founder and chief executive Charlie Javice, who joins the firm as head of student solutions on the digital products team.
Javice said: “We launched Frank to make college more accessible for students and their families, and have already helped millions across the nation. 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.”
Jennifer Piepszak, co-chief executive of Chase, added: “We want to build lifelong relationships with our customers. 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.”
JPMorgan Chase and Frank are headquartered in New York City.
Date published: 22 September 2021