The U.S. bank, which has the most significant assets, is on an acquiring spree. JPMorgan Chase & Co. (NYSE: JPM) has acquired a substantial number of firms in the fintech space. In addition, the bank has acquired the college planning platform Frank to strengthen ties with the student community. Since its inception, more than five million students from 6,000 institutions have been beneficiaries of Frank.
Both Frank and the bank did not disclose the value of the acquisition
Ever since it came into being in 2017, Frank has raised over $20 million from investors. However, both the companies refused to disclose the value of the acquisition. The branding efforts on behalf of Frank will continue. Meanwhile, it is learned that JPMorgan absorbs Javice from Frank as head of student solutions on the bank’s digital products team.
Frank charges schools an annual fee
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While the tools and content are available on the Frank platform for free, schools are charged an annual fee. Those from low to moderate-income families use Frank, most of them being either first-time college students or women. While several companies help students with financial aid, Javice wanted Frank to lend a helping hand to Americans to apply for federal assistance.
The goal was to think about financial wellness
In an interview, Javice, who launched Frank and who has joined JPMorgan as head of student solutions on the bank’s digital products team, said:
“The goal was thinking the complete opposite of what all the student lenders and refinancers and lead generators in this market are. It was thinking about financial wellness, similarly to health care, from a preventive lens. We are committed to doing that in terms of financial education and meeting students and parents where they are.”
Meanwhile, Jennifer Roberts, head of Chase consumer banking, in an interview said:
“While we do work with students today and obviously have branches in proximity to over 300 universities, this really gives us access to a much larger pool of students.”
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