According to the lawsuit, filed in December last year in the US District Court in Delaware, Javice allegedly claimed Frank – a student loan application fintech – had more than 4.25 million student users but had used “synthetic data” techniques to create a list of 4.265 million students who did not exist.
“In reality, Frank was nearly 4 million short of its representations,” the suit alleges.
Conducting due diligence after being approached by Javice about a potential acquisition, JP Morgan says it asked for more details on the fintech’s customer base.
