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JPMorgan Chase acquires college financial planning platform Frank By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

(Reuters) – JPMorgan Chase & Co (NYSE:) said on Tuesday it had acquired Frank, a college financial planning platform used by over 5 million students in the United States.

It is the latest acquisition by the U.S.’s largest bank and it will enable the bank to strengthen ties with students.

It was not revealed the financial terms.

The bank also purchased Nutmeg (British digital wealth manager), OpenInvest, an ESG-focused fintech, and Infatuation, which owns Zagat, a restaurant review company.

Charlie Javice (the firm’s then-24-year old chief executive officer) founded Frank in 2017. He will still be leading the company. JPMorgan Chase announced that Javice would join the bank to head student solutions for the team’s digital products.

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