Some random startup gets a major fraction of the entire base of US college students to use their service after only being around for a few years. Yeah, right. Not going to happen for a financial service. Yes for something related to social media, porn or something else actually addictive/enticing in some way.

Incorrect numbers to use.

From the NY Times Article on this topic (https://www.nytimes.com/2023/01/21/business/jpmorgan-chase-c...):

"Mr. Salisbury, a former director of institutional research and assessment at Augustana College, estimates that two million students start college each year for the first time. Having done the FAFSA once, he figured, most families wouldn’t seek help from a company like Frank the second time they needed to and beyond. So if Frank had served five million people in just half a decade, it would have captured a sizable share of new college students who needed financial aid."

Since this has to do with financial aid applications, the number of total possible customers / students is much lower than 20 million. Which means their 5 million number is WAY exaggerated.