Ellevest closes $34.6m financing round led by Rethink Impact

Female-focused investment platform Ellevest has closed a $34.6m financing round led by Rethink Impact.

Several new investors to the company took part in the round including, PSP Growth, Salesforce Ventures, CreditEase FinTech Investment Fund, LH Holdings and SK Impact Fund. There were also numerous return backers including Morningstar, Khosla Ventures, Mellody Hobson, Ulu Ventures, Contour Venture Partners and Astia Angels.

FinTech Global previously reported on the fundraise last month, with the company having raised $32.6m from 25 investors, according to a US SEC filing.

Ellevest is an investing and panning platform for women to help with personal finance by offering a goal-based approach to portfolio investment. The application gives users the power to change the timeline, make recurring contributions and the initial deposits, as well as setting an allocating budget.

The new injection of capital will help Ellevest to develop solutions for human interaction and financial planning services.

Alongside the investment the company announced the launch of Ellevest Ascent, which is a human financial planning services offering. The new platform will offer personalised action plans for financial wellness split between, career, family, taxes, cash flow, debt, credit, investments, retirement and insurance. Through this new service uses can save money on fees, taxes, healthcare and others.

Rethink Impact founder and managing partner Jenny Abramson said. ?Were 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 time that we give women the power to close the money gap.p>

Following the transaction, Rethink Impact founder and managing partner Jenny Abramson will join Ellevest board of directors.

Including this latest round, total capital raised by Ellevest has reached up to $53.4m, with the company receiving a $9m venture round last September.

Copyright ? 2017 FinTech Global

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