San Francisco-Based First Republic Bank Acquires Gradifi

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San Francisco-Based First Republic Bank Acquires Gradifi

Dec, 24th 2016

Boston-based Gradifi, a two-year-old startup focused on turning student debt repayment into a standard employee benefit, has been acquired by San Francisco-based First Republic Bank.

Financial terms of the deal were not disclosed.

Gradifi — which offers a software system that makes it easy for companies to set up a student debt repayment program and deliver payments directly to their employees' lenders — will become a wholly-owned subsidiary of First Republic (NYSE: FRC).

The company will remain in Boston and continue to operate under its own brand, two arrangements that Gradifi CEO Tim DeMello said were key to the decision to sell. DeMello said five different financial institutions have approached Gradifi about an acquisition since 2015.

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