Frank Acquired by JPMorgan Chase as the Bank Looks to Strengthen Relationships with Student Borrowers
Frank, the college financial planning platform, is being acquired by JPMorgan Chase, as the bank looks to deepen its relationship with students. Terms of the transaction were not disclosed. We launched Frank to make college more accessible for students and their families, and have already helped millions across the nation,” remarked 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.”
Founded by Javice in 2016, Frank had raised $20.5M in total equity funding. Backers of the company include Gaingels, Reach Capital, Aleph, GingerBread Capital, Silvertech Ventures, Ground Up Ventures, SWAT Equity Partners, Marc Rowan, and Chegg. Javice will continue to lead the company under its own brand within the JPMorgan Chase umbrella. Frank has helped over 5M students to date.
“We want to build lifelong relationships with our customers,” remarked 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.”