Dive Brief:

• Citizens Bank plans to acquire college planning platform College Raptor for an undisclosed amount, the Providence, Rhode Island-based bank announced Tuesday.
• College Raptor, which launched in 2012, matches students to schools based on academic and financial fit. The platform allows users to compare aid packages, campus match scores and admission chances at various colleges. 
• The deal will give Citizens, which already has several student lending products, greater access to the college student market, Chris Ebeling, the bank’s executive vice president and head of student lending, said in a statement.

Dive Insight:

Citizens’ deal with College Raptor is expected to close in this year’s fourth quarter, the bank said in a press release. Once finalized, College Raptor will operate as a wholly owned subsidiary of Citizens.

“College Raptor’s mission is to empower students and their families as they plan their college journey, and this combination will deepen our capabilities while connecting users with a best-in-class financial partner,” Bill Staib, CEO and co-founder of College Raptor, said in a statement. “Together with Citizens, we look forward to expanding our platform and offering families a richer and more valuable overall experience to help them realize their educational and financial dreams.”

Citizens is already active in the student-lending space, and offers several lending products for credit-qualified students, graduates and their families, the bank said. The bank also offers refinancing options for both private and federal student loans to credit-qualified borrowers.

College Raptor “further strengthens [Citizens’] ability to provide personalized advice and insights during this important stage of [college students’] lives, while also bolstering our commitment to financial empowerment,” Ebeling said. “We are committed to providing our younger generation of customers with the digital support and services they need throughout their financial journey.”

Citizens is hardly the first bank to acquire a college financial planning platform. JPMorgan Chase last September bought Frank, a platform that allows students to access a streamlined application process for student aid, as well as financial advice and a marketplace to find discounted online classes for college credit.

Citizens’ bid for greater exposure to the college demographic also follows U.S. Bank’s recently launched effort to serve student-athletes. In partnership with social media marketing platform Opendorse, the Minneapolis-based lender last month rolled out a free financial education curriculum to help college athletes navigate marketing, endorsements, revenue and finances in light of a shift in NCAA policy.