Charlie Javice's Student Aid Startup Success
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Enter banking giant JPMorgan ChaseMoneywise
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This 32-year-old Pilates instructor told ‘lies’ that duped JPMorgan out of $175M. Here's how she did it
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Charlie Javice founded Frank , a fintech startup that promised to revolutionize student financial aid process.
JPMorgan Chase hoped to leverage Frank ’s alleged massive user base of more than 4 million students to gain a stronger foothold in the lucrative student finance market.
JPMorgan paid $175 million for Frank , but the company's actual customer base was less than 10% less than the company had publicly boasted of.
Investors must prioritize independent verification of any data provided during acquisitions or funding rounds.
Relying solely on company-provided information is insufficient; third -party audits, external validations and comprehensive cross-checking of user data are essential.
Investors should also be wary of hype-driven valuations and high-profile media endorsements.