TURBOTAX FOR FAFSA? Frank, an online platform that aims to simplify the Free Application for Federal Student Aid (FAFSA) application process, has raised $10 million in a Series A round led by Marc Rowan, co-founder of Apollo Global Management. The round follows an initial $5.5 million round, bringing the company’s funding total to $15.5 million from investors including Reach Capital, Aleph, WeWork, Slow Ventures and Tusk Ventures.
Backdrop to Frank’s mission is $2.7 billion worth of federal Pell grants left unclaimed due to students not completing the FAFSA, TechCrunch reports. According to a company spokesperson, the latest raise will be used to “build out additional premium products targeted towards state aid, aid appeals, scholarships, work study, and loan forgiveness.”
Leading the company is 25-year-old CEO Charlie Javice, who told TechCrunch that the Frank platform is intended for students pursuing various higher-ed institutions ranging from four-year public universities to vocational and technical colleges.
