Citizens will acquire an online university planning platform
Providence-based Citizens Financial Group Inc. plans to acquire an online college planning platform that the bank says would boost its ability to advise prospective students.
The Citizens said in a statement yesterday that they had agreed to acquire Iowa-based College Raptor Inc. Terms of the agreement were not disclosed. The bank said it expects to complete the transaction in the fourth quarter.
Founded in 2012, College Raptor offers a college planning platform that matches prospective students with suitable schools based on academics and finances. It also offers tools to help prospective students assess and select a college, including side-by-side comparisons of estimated aid programs, scores indicating how well a college matches a student’s situation, and chances of admission.
“The acquisition of College Raptor provides unique opportunities to engage with prospective students and their families as they navigate the college search and selection process,” said Chris Ebeling, executive vice president and chief loan officer. students at Citizens, in the press release. “This innovative platform further strengthens our ability to provide personalized advice and information during this important stage of their lives, while reinforcing our commitment to financial empowerment. We are committed to providing our younger generation of customers with the digital support and services they need throughout their financial journey. »
Upon closing of the transaction, College Raptor will operate as a wholly owned subsidiary of Citizens, the statement said.
“College Raptor’s mission is to empower students and their families to plan their college journey, and this combination will strengthen our capabilities while connecting users with a premier financial partner,” said Bill Staib, CEO and co-founder of College Raptor. , said in the statement. “With Citizens, we look forward to expanding our platform and providing families with a richer and more valuable overall experience to help them achieve their educational and financial dreams.”
Citizens offers several loan and refinance products for students, graduates and parents.
“Citizens is a longtime advocate for financial empowerment and reaches families through innovative partnerships in the communities it serves,” the statement read. “This acquisition will continue those efforts by providing training and resources to help people make informed financial decisions.”