JPMorgan Chase Buys College Aid Platform Frank

JPMorgan Chase has acquired online college planning platform Frank, according to a CNBC report Tuesday (Sept. 21), adding tools to help more than 5 million students at 6,000 colleges and universities apply for and negotiate financial aid, enroll in online classes and find scholarships.

JPMorgan CEO Jamie Dimon last year said the bank would be “much more aggressive” in its approach to acquisitions and Frank represents the latest example of that philosophy. The bank has also added FinTechs with expertise in sustainable investing, robo-advising and constructing tax-efficient portfolios, per the report.

“We really have a desire to have lifelong, engaged relationships with all of our customers, and Charlie and her team have built an amazing connection to the student population,” Jennifer Roberts, head of Chase consumer banking, said in an interview with CNBC.

See also: How Frank Wants To Help Students Stay Away From Debt

“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,” she said.

Frank will keep its branding and continue to be led by founder Charlie Javice, who joined JPMorgan as head of student solutions on the bank’s digital products team. The deal terms were not released.

Many Frank users are women and first-time college attendees and most of its customers are from low- to moderate-income families. Frank charges schools an annual fee for the service, but the tools and content are free to users.

“The goal was thinking the complete opposite of what all the student lenders and refinancers and lead generators in this market are,” Javice said, according to CNBC. “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.

Related: JPMorgan Boosts Dining Investment With Acquisition of Zagat Owner

Earlier this month, JPMorgan Chase said it would be buying The Infatuation, the owner of the restaurant review guide Zagat. Terms of the deal were not disclosed.

JPMorgan Chase will likely integrate The Infatuation’s media content into its existing restaurant-related products, such as Chase’s dining hub partnership with reservation platform Tock that gives access to thousands of restaurants.