Ellevest raises $34.6m to tackle the gender money gap

19 Sep 2017302 Shares

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Ellevest founder and CEO Sallie Krawcheck at TechCrunch Disrupt NY last year. Image: TechCrunch/Flickr (CC BY 2.0)

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Ellevest is a fintech on a mission to end the gender gap in investing and personal finance.

Ellevest, the fast-growing New York fintech led by former Merrill Lynch CEO Sallie Krawcheck, has just raised $34.6m in a major funding round.

The investment was led by Rethink Impact, the largest US venture capital impact fund with a gender lens, and new participants PSP Growth, Salesforce Ventures, CreditEase Fintech Investment Fund, LH Holdings and SK Impact Fund, LLC.

‘Given that women are twice as likely as men to live in poverty by the time they are 75, it’s time that we give women the power to close the money gap’
– JENNY ABRAMSON

This is Astia Angels’ second investment in Ellevest along with returning investors Morningstar, Khosla Ventures, Mellody Hobson, Ulu Ventures and Contour Venture Partners.

Jenny Abramson, Rethink Impact’s founder and managing partner, will join the board.

A fund led by female firsts

Krawcheck said: “I’m thrilled these global leaders – who are female ‘firsts’ and technology innovators – are joining Ellevest’s mission to end the gender gap in investing and personal finance.

“We will use this new funding to build on the momentum in our digital offering, and develop solutions with women in our community who are asking us for human interaction and financial planning services.”

Krawcheck is also a former CEO of Citi and Smith Barney.

Ellevest is building a powerful hybrid financial services company, combining digital and human financial advising targeting the novice and experienced female investor alike.

The platform redefines personal finance and investing for women with a practical, goals-based approach aimed at giving women the tools they need to take financial control.

“Investing in Ellevest is a natural complement to the Astia Angels portfolio: a high-growth company with a great, woman-led leadership team, and with a mission to empower women investors through the Ellevest platform,” said Anna Ewing, former CIO of Nasdaq and Astia Angels investor member.

A powerful new platform for fintech

Ellevest Ascent will introduce clients to a financial planner, and, working together, they will develop personalised action plans across nine essential areas of financial wellness: career, family, taxes, cash flow, debt, credit, investments, retirement and insurance.

Ellevest Ascent includes opportunities to save money on fees, taxes, healthcare and more. The advice will be tailored to each life stage.

“At Rethink Impact, we are committed to changing the gender and social dynamics for women, and our investment in Ellevest is a testimony to that commitment,” said Abramson.

“We’re excited to help Ellevest accelerate their growth so women have greater latitude in planning for and taking control of their futures. Given that women are twice as likely as men to live in poverty by the time they are 75, it’s time that we give women the power to close the money gap.”

Ellevest founder and CEO Sallie Krawcheck at TechCrunch Disrupt NY last year. Image: TechCrunch/Flickr (CC BY 2.0)

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com