Ellevest Makes the Leap into Banking

Digital wealth management startup Ellevest has joined the ranks of other fintechs who have made the move into becoming a full service digital bank; Ellevest’s mission has been to help close the gender investing gap which has helped the company to amass more than $600mn in assets under management; the company has now launched new membership plan which encompasses one-on-one financial and career coaching, member-only workshops and guides, personalized investing plans, plus a no-fee debit card and banking service; the two accounts they offer, Spend and Save, are in partnership with Coastal Community Bank; “Five times more women than men live paycheck to paycheck, without any emergency fund. The gender wealth gap is 32 cents to a white man’s dollar, and one penny for Black women and Latinx women. One. Single. Penny. We have a long way to go to reach economic equality, and Ellevest is committed to driving real change,” said Ellevest Co-Founder & CEO Sallie Krawcheck, in a statement to TechCrunch. “Because nothing bad happens when women have more money.” TechCrunch.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.