Frank, a company initially recognized for assisting university students in obtaining and utilizing financial assistance, is broadening its focus within the educational technology sector. Specifically, it is now facilitating the discovery and enrollment in online courses, enabling students to use their financial aid funds to secure available spaces in digital learning opportunities at over 100 institutions of higher education.

Frank operates at the intersection of consumer financial technology – which aims to improve personal financial management – and edtech, representing the integration of technology into traditional educational practices. TechCrunch previously reported on the company’s Series A funding round in 2017, and recently revisited Frank following its $5 million raise earlier this year.

The company’s Chief Executive Officer, Charlie Javice, reports that Frank has experienced approximately threefold growth in the past year. Given Javice’s statement to TechCrunch that Frank’s new course-locating service – named Classfinder – has the potential to become “a key growth engine” for the startup, we undertook a more detailed examination of this new offering.

Classfinder

Frank is collaborating with universities and colleges to provide access to classes at reduced prices, aiming to connect users with available openings in already scheduled courses. The startup will also assist its users in leveraging financial aid resources to cover the cost of these classes, potentially enabling them to enroll in more courses without increasing their debt.

Currently, 125 educational institutions are participating in the program, selected from a pool of over 350 schools. As of today, the Classfinder website lists 7,520 courses that are available for enrollment.

TechCrunch inquired with Javice regarding whether offering access to online courses represented a shift from Frank’s primary focus on increasing financial assistance for college students. The CEO explained that Classfinder aligns with the company’s core mission of making higher education more affordable.

The success of Classfinder could validate this approach, even if the new offering appears to be an expansion of Frank’s existing services rather than a direct continuation of its original concept.

If this model proves effective, it could benefit all parties involved. Colleges can utilize their existing digital infrastructure to accommodate more students, while many students struggle to afford tuition. By helping these students secure financial aid and apply it to discounted, accredited courses, Frank can create a mutually beneficial situation.

TechCrunch also asked about the transferability of credits earned through Classfinder – would these credits be accepted by other institutions? According to the company, the answer is yes, and Frank will provide the necessary documentation. While some colleges may have reservations, the system could offer a way for students to reduce college costs without compromising their education.

The widespread adoption of digital education this year has yielded mixed outcomes. The transition to online learning has been largely criticized among younger students. However, online instruction was already a well-established practice in higher education even before the pandemic. It is possible that online learning will become even more commonplace over time.

The potential size of the market for individual course enrollment remains uncertain, but the success of Guild Education suggests a significant number of prospective students. Guild, which achieved unicorn status in 2019 after securing $157 million in Series D funding, assists corporate employees in pursuing continuing education to enhance their careers. Despite the growing number of online learning platforms, Frank’s decision to concentrate on college-level courses rather than the broader lifelong learning market indicates a belief that higher education will remain relevant for the foreseeable future.

We will revisit Frank’s progress in the coming months to assess the impact of this new product on its growth. Positive results could position Frank to secure a Series B funding round in the next few quarters. Chegg, a publicly traded edtech company that has previously invested in Frank, currently has a market capitalization of $11 billion. Therefore, if Frank continues to expand, funding opportunities should be available.