UPDATE 1-JPMorgan Chase acquires college financial planning platform Frank
(Adds deal details, background about other acquisitions)
Sept 21 (Reuters) – JPMorgan Chase & Co said on Tuesday it had acquired Frank, a college financial planning platform used by over 5 million students in the United States.
The deal is the latest in a string of acquisitions by the largest U.S. bank, and will allow the bank to deepen ties with students, it said.
The financial terms of the deal were not disclosed.
In recent months, the bank has also bought British digital wealth manager Nutmeg https://www.reuters.com/technology/jpmorgan-chase-buys-uk-robo-adviser-nutmeg-2021-06-17, ESG-focused fintech OpenInvest https://www.reuters.com/technology/jpmorgan-acquire-fintech-startup-openinvest-2021-06-29 and the Infatuation, owner of the restaurant review brand Zagat https://www.reuters.com/article/the-infatuation-ma-jpmorgan-idCNL4N2QB3JX.
Frank was founded in 2017 by its then 24-year-old chief executive officer, Charlie Javice, who will continue to lead the firm. Javice will join the bank as head of student solutions on the digital products team, JPMorgan Chase said. (Reporting by Niket Nishant in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Maju Samuel)