Matt Levine’s Money Stuff: JPMorgan Says Frank Was Fraud (Correct)

Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday.

Frank!

In 2021, JPMorgan Chase & Co. paid $175 million to acquire Frank, a financial technology company that helps students fill out college financial aid forms. It is not obvious why this would be a lucrative business for JPMorgan, or Frank, but that was not really the point of the acquisition. The point of the acquisition is that helping students fill out college financial aid forms, while not itself lucrative, might help you build long-term financial relationships with them at an early and impressionable point in their lives. ...