PROVIDENCE – Citizens Financial Group Inc. is again bulking up its portfolio, this time with an online college planning platform.
The parent company for Citizens Bank on Tuesday announced it had entered into a definitive agreement to acquire College Raptor Inc., an Iowa-based company that matches prospective college students to universities based on their academic performance and financial needs.
The acquisition aims to bolster Citizens’ student lending options, which include loans for students and their parents as well as refinancing options for private and federal student loan-holders, the release stated.
“The acquisition of College Raptor offers unique opportunities to engage with prospective college students and their families as they navigate the college search and selection process,” Chris Ebeling, executive vice president and head of student lending at Citizens, said in a statement. “This innovative platform further strengthens our ability to provide personalized advice and insights during this important stage of their lives, while also bolstering 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.”
Once the deal closes – expected in the fourth quarter of the year – College Raptor will operate as a subsidiary of Citizens.
Terms of the deal were not disclosed.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
