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E*TRADE unit acquires student loan benefit provider Gradifi for $30M

E*TRADE Financial Corporate Services Inc. acquired Gradifi Inc. from First Republic Bank for a base purchase price of $30 million in cash.

The Boston-based startup was founded in 2014 and develops online programs to pay student loan debt. The deal adds financial wellness and student loan solutions to E*TRADE Financial Corp.'s corporate services benefits platform.

First Republic Bank will remain a lender in Gradifi's student loan refinance marketplace and offer Gradifi's student loan repayment and college savings benefits to its employees.

E*TRADE was advised by Centerview Partners LLC and Skadden Arps Slate Meagher & Flom. First Republic Bank was advised by Broadhaven Capital Partners and Arnold & Porter Kaye Scholer LLP.