Ellevest is a robo-advisor investment platform and financial literacy program primarily for women. It was cofounded by Sallie Krawcheck and Charlie Kroll in 2014,[1] with venture capital provided in part by Melinda Gates's Pivotal Ventures, Valerie Jarrett, and Eric Schmidt.[2] As of 2021, it manages more than one billion dollars with over 120,000 users,[3] about 90% of whom identify as women.[4] Ellevest provides digital investing tools and financial guidance, as well as private wealth management for individuals, families, and organizations. Its gender-aware investment algorithm takes into account that women often have longer lifespans than men, and thus may need to save or invest more money to account for a longer retirement period. The algorithm also factors in that women typically hit their salary peaks earlier in life than men and typically have lower salaries due to the gender pay gap.[3] Ellevest also allows its users to financially plan for income breaks or decreases, which can be necessary due to having children or providing elder care.[5]
| Founded | 2014 |
|---|---|
| Founder |
|
| Headquarters | New York City, New York, U.S. |
| AUM | US$1 billion (2022) |
| Website | www |
Though it initially began as a long-term wealth management platform, it now includes workshops and financial planning.[6][5] It has a subscription business model for its online investing business, with two different membership tiers.[2]
References
edit- ^ Wenik, Ian (11 September 2020). "Ellevest co-founder and CFO Kroll exits". Citywire. Retrieved 6 May 2021.
- ^ a b Aspan, Maria (24 June 2020). "Sallie Krawcheck's women-focused investment startup expands to debit cards and a membership model". Fortune. Retrieved 6 May 2021.
- ^ a b McGrath, Maggie (23 March 2021). "Sallie Krawcheck Leads Ellevest To A Landmark $1 Billion In Assets Under Management". Forbes. Retrieved 6 May 2021.
- ^ Adamczyk, Alicia (24 June 2020). "In response to coronavirus, Ellevest launches new savings account, membership program to help users improve their finances". CNBC. Retrieved 6 May 2021.
- ^ a b Perez, Sarah (24 June 2020). "Digital investing platform for women, Ellevest, expands into banking". TechCrunch. Retrieved 6 May 2021.
- ^ "Three apps enabling financial wellness for all". Apple Newsroom. 27 April 2021. Retrieved 6 May 2021.