Meet Ellevest, the platform in pursuit of closing the gender wealth gap

Ellevest, a financial company on a mission to help women build wealth, has raised $53m in Series B funding.

The round was co-led by BMO and Contour Venture Partners. It included investments from several new women-led investors, including Halogen Ventures, Cleo Capital, New York Ventures of Empire State Development, Stardust Equity, The Venture Collective, and Envestnet, as well as the LGBTQIA+ investment syndicate Gaingels.

Returning institutional investors included Melinda French Gates’ Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America, as well as individuals like Elaine Wynn.

Ellevest’s offerings include digital investing tools, banking services, professional career and money coaching, and learning resources, as well as private wealth management for high net worth clients who want a personalised financial strategy that may include impact investing.

Sallie Krawcheck, co-founder and CEO of Ellevest, said, “Ellevest was built by women, for women. It is also funded by women, with 360 women and underrepresented investors participating in this funding round. This group recognizes that women have been disproportionately losing financial ground, and that’s bad news for all of us.

“Ellevest has a key role to play in addressing this issue: to help women — and their families — rewrite their financial narratives and thrive.”

Ellevest said it will use the capital to deepen its offerings, providing personalised coaching, product solutions, and community to help women reach their money goals and furthering its mission to get more money in the hands of women.

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