Ellevest - Sallie Krawcheck
Company: Ellevest, New York, NY
Company Description: Ellevest is an investment platform focused in on empowering women by redefining investing for women and closing the gender investent gap.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Maverick of the Year
Nomination Title: Sallie Krawcheck, Co-Founder & CEO
Describe for the judges the activities and accomplishments of the nominated woman since the beginning of July last year (up to 525 words):
"Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals. She is the CEO and co-founder of Ellevest, a recently launched digital investment platform for women.
Ellevest was founded on a mission to close the gender investment gap, which can cost some women more over their lifetime than the gender pay gap. Ellevest helps women take control of their financial futures through investing, with a beautifully designed digital platform backed by an incredibly smart algorithm.
Launched in May 2016, Ellevest gives clients a goal-based approach to investing that reflects real life. Clients can select goals such as buying a home, starting a business, raising a family, and retiring well, among others. Ellevest looks at the individual’s current financial picture, as well as her age, salary and goal timelines to give her specific and bespoke portfolios for each goal.
Currently, no other investment platform successfully speaks to and engages women. Ellevest is reimagining investing for women, which means pulling down barriers that women say have kept investing out of reach and doing away with the tired and dated archetypes, jargon and judgments. Ellevest’s proprietary algorithm also accounts for factors that are unique to women’s financial lives, such as the gender pay gap, longer lifespans and more frequent career breaks. The platform includes tools that enable clients to make trade-offs between goals and experiment with different contribution amounts, and it assesses how much risk the client can afford. Ellevest also monitors the client’s progress on each of her goals, automatically rebalances her portfolios as needed, and alerts her if she falls off track at any point.
Ellevest raised $9 million in a second round of funding, announced in September 2016. The round includes investors Venus Williams, a world-famous tennis champion who fought for equal prize money in women’s tennis; Mellody Hobson, president of Ariel Investments; Theresia Gouw and Jennifer Fonstad, co-founders and managing partners of Aspect Ventures; and Khosla Ventures, a leading venture capital firm in Silicon Valley.
In 2015, Ellevest raised $10 million in funding in the Series A round, which was led by investment research firm Morningstar and includes a slew of financial heavyweights, such as Mohamed El-Erian, chief economic adviser at Allianz and the former CEO of PIMCO; Ajay Banga, president and CEO of MasterCard; and Brian Finn, former president of Credit Suisse First Boston; and Karen Finerman, co-founder and CEO of Metropolitan Capital Advisors.
Sallie is also the chair of Ellevate Network, a many-thousand-strong global professional women's network. And she is the chair of the Pax Ellevate Global Women’s Index Fund, which invests in the top-rated companies for advancing women. Sallie has been named among the top ten of Fast Company's "100 Most Creative People" list. Before becoming an entrepreneur, she was CEO of Merrill Lynch Wealth Management and of Smith Barney, as well as chief financial officer of Citigroup."
Provide a brief biography of the nominated woman (up to 125 words):
Ellevest was founded by Sallie Krawcheck, a former Wall Street CEO and industry veteran who was called “The Last Honest Analyst” byFortune Magazine, and one of Fast Company’s “Most Creative People in Business.” She’s teamed up with brilliant analysts, entrepreneurs and engineers to create Ellevest and help women financially.
Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals. This spans several businesses: she is the chief executive officer and co-founder of Ellevest, a digital investment platform for women. She is also the chair of Ellevate Network, the global professional woman’s network. And she is the chair of the Pax Ellevate Global Woman’s Index Fund, which invests in the top-rated companies in the world for advancing women.