JPMorgan Chase has acquired college financial planning platform Frank as it seeks to build ties with students. Financial terms were not disclosed.
Frank serves more than five million students at over 6000 higher education institutions across the US, providing an online portal that lets users apply for financial aid in minutes and enrol in a catalogue of online college courses.
JPMorgan Chase says the deal should help strengthen its "strong foundation" with students, a key demographic.
“We want to build lifelong relationships with our customers,” says Jennifer Piepszak, co-CEO, 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.”
The deal is part of a strategy by JPMorgan Chase to look outside of the usual sectors for acquisitions; earlier this month it agreed to by restaurant discovery platform The Infatuation.