Ellevest is a

robo-advisor Robo-advisors or robo-advisers are a class of financial adviser that provide financial advice and investment management online with moderate to minimal human intervention. They provide digital financial advice based on mathematical rules or algorith ...

investment platform and financial literacy program primarily for women. It was cofounded by

Sallie Krawcheck Sallie L. Krawcheck (born November 28, 1964) is the former head of Bank of America's Global Wealth and Investment Management division and is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. Sh ...

and Charlie Kroll in 2014, with

venture capital Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which ha ...

provided in part by Melinda Gates's Pivotal Ventures, Valerie Jarrett, and

Eric Schmidt Eric Emerson Schmidt (born April 27, 1955) is an American businessman and software engineer known for being the CEO of Google from 2001 to 2011, executive chairman of Google from 2011 to 2015, executive chairman of Alphabet Inc. from 2015 to 20 ...

. As of 2021, it manages more than one billion dollars with over 120,000 users, about 90% of whom identify as women. 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 The gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are working. Women are generally found to be paid less than men. There are two distinct numbers regarding the pay gap: non-adjusted ...

. 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 Elderly care, or simply eldercare (also known in parts of the English-speaking world as aged care), serves the needs and requirements of senior citizens. It encompasses assisted living, adult daycare, long-term care, nursing homes (often call ...

. Though it initially began as a long-term wealth management platform, it now includes workshops and financial planning. It has a

subscription business model The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service. The model was pioneered by publishers of books and periodicals in the 17th century, an ...

for its online investing business, with two different membership tiers.

References

{{reflist Robo-advisors Financial services companies established in 2014 Financial services companies based in New York City