San Francisco-based First Republic Bank announced Dec. 12 that it has acquired Gradifi Inc., a student loan repayment technology platform.
The terms of the transaction were not disclosed. The new subsidiary will continue to operate under the Gradifi brand and remain at its current headquarters in Boston. Gradifi founder Tim DeMello will remain as its CEO and extended employment contracts are in place for DeMello and other senior management members, First Republic said in a release.
Greenhill & Co. Inc. was the financial adviser to First Republic on the transaction, which the bank funded using cash on hand.