Ellevest, the US-based creator of a digital investment service aimed at women, has raised $33m in a funding round featuring online payment processor PayPal and payment services firm Mastercard.
The round included online lender Creditease’s Fintech Investment Fund, Gingerbread Capital, Aspect Ventures, Khosla Ventures, Morningstar, Astia Angels, Ulu Ventures, Pivotal Ventures and angel investors Elaine Wynn, Eric Schmidt and Valerie Jarrett.
Founded in 2014, Ellevest runs a investment platform tailored for female users, combining what it refers to as a gender-smart investing algorithm with services including personalised wealth management and retirement plans.
Users of the company’s premium service can access professional financial advisers. It intends to use the latest funding to expand its user community and improve its financial education provision, along with strengthening its technology and growing its product range.
Sallie Krawcheck, co-founder and CEO of Ellevest, said: “Today, we bring in a group of rock star investors deeply aligned with our mission. And it is no coincidence that many of them are unparalleled changemakers and advocates for women who understand that being under-invested can cost women a fortune over their lives.
The company has now raised more than $77m altogether, including $34.6m in a September 2017 round that included CreditEase Fintech Investment Fund and Salesforce Ventures, the corporate venturing arm of customer relationship management software provider Salesforce.
Rethink Impact led the 2017 round, which included Morningstar, Astia Angels, Khosla Ventures, Ulu Ventures, PSP Growth, LH Holdings, SK Impact Fund, Contour Venture Partners and Mellody Hobson.
PayPal president and CEO Dan Schulman said: “Ensuring that all women have robust financial tools to improve financial health and seize more opportunities is a societal imperative.
“The growth in Ellevest demonstrates that, even in a crowded market, there is always opportunity for customer-focused solutions to win.”
