Frank

Frank, operating under the legal name TAPD Inc., was established in 2016 by founder Charlie Javice, a graduate of the University of Pennsylvania's Wharton School. The company's objective was to simplify the complex process for students applying for federal financial aid. Its primary offering was an online platform designed to streamline the Free Application for Federal Student Aid (FAFSA), aiming to reduce the application time from hours to minutes.

The business model centered on providing this simplified FAFSA tool for free, with revenue generated from premium membership features. These paid services included access to a financial support team, assistance with appealing financial aid decisions, and a cash advance product to cover educational costs while awaiting aid approval. Frank also developed a marketplace for discounted college-level courses for transferable credit, known as ClassFinder. The company targeted students, adult learners, and their families, particularly those from low-to-moderate-income households. Frank secured $20.5 million in funding from investors including Chegg, Marc Rowan, and WeWork.

A significant milestone occurred in September 2021 when JPMorgan Chase acquired Frank for $175 million. The acquisition was part of JPMorgan's strategy to deepen its relationship with college students, viewing them as potential lifelong customers. However, the deal unraveled when JPMorgan, after a marketing email campaign to Frank's purported user list had an extremely low delivery and open rate, alleged that Frank had grossly inflated its user numbers. Instead of the claimed 4.25 million users, the lawsuit stated the actual number was fewer than 300,000. Subsequent investigations and legal proceedings revealed that Javice and Chief Growth Officer Olivier Amar had allegedly paid a data science professor to create a fake list of millions of users to mislead the acquiring bank. In January 2023, JPMorgan shut down the Frank website. Following a trial, in March 2025, Charlie Javice was convicted of multiple counts of fraud in relation to the sale of her company.

Keywords: student financial aid, FAFSA simplification, college financial planning, fintech, ed-tech, student loans, scholarship search, JPMorgan Chase acquisition, Charlie Javice, financial aid appeal, higher education finance, student debt, college affordability, Olivier Amar, Classfinder, education financing, student banking, financial fraud, startup scandal, TAPD Inc.