Magazine

Ellevest Announces Allianz Life Ventures Investment to Help Get More Money in the Hands of Women

By Ellevest Team

As the “she-cession” threatens to erase decades of economic progress for women, Ellevest helps women at all stages of their financial lives invest more, save more, and earn more

New York, NY, November 24, 2020 — Ellevest, the financial company built by women, for women, and Allianz Life Ventures, part of Allianz Life Insurance Company of North America (Allianz Life), announced today that Allianz Life has invested $7.5 million in Ellevest, Inc. in a $12.3 million extension of Ellevest’s Series A financing round.

The funds will allow Ellevest to expand its business, which is growing quickly at a pivotal point in history. As the COVID-19 pandemic and “she-cession” threaten women’s financial stability and risk setting their economic and financial progress back by decades, Ellevest’s mission to get more money in the hands of women is more critical than ever before.

“We’re at a critical moment for women,” says Sallie Krawcheck, CEO and co-founder of Ellevest. “Women have disproportionately lost their jobs during the pandemic, because women are overrepresented in hard-hit industries like caregiving and hospitality. At the same time, women have been shouldering more of the burden of pandemic familycare. In September — as school began — 865,000 women left the workforce in a single month. This backwards shift is unprecedented, and it will have ripple effects for years. It’s the reason we go to work each day: to help women move forward financially.”

Launched in 2016, Ellevest helps women at all stages of their financial lives, with digital investing, banking services*, learning tools, career coaching, financial planning, private wealth management, and impact investing. Ellevest is where women can invest more, save more, and do more for their money and career.

“Helping women address risk in their financial strategies so they can secure their future is more important than ever,” said Walter White, president and CEO, Allianz Life. “Our investment in Ellevest will help address some of the most critical issues facing women today, and provide innovative solutions and resources that can help women at every stage of their financial journey.”

Ellevest’s money membership, launched in June 2020, includes personalized investing plans, a no-fee debit card with the option to round up your change into an Ellevest Save account, free learning tools, and discounted access to individual money and career coaching. Membership plans start at $1 a month.

Ellevest private wealth management is for high net worth clients who want a customized financial strategy and the option to align their values with their money through a powerful approach to impact investing — including investments that seek to make the world better for women. In July of 2020, Ellevest expanded its Intentional Impact investing portfolios to include a racial justice lens, building on other issues that disproportionately affect women, such as climate change and workplace inequality.**

To date, Ellevest has raised $92 million from mission-aligned investors, including Rethink Impact; Morningstar; Penny Pritzker’s PSP Capital; Pivotal Ventures, the investment and incubation company founded by Melinda Gates; PayPal Ventures; Elaine Wynn, co-founder of Wynn Resorts; Valerie Jarrett; Mellody Hobson; Gingerbread Capital (founded by Linnea Roberts); Mastercard; Astia Angels; and Contour Ventures.

Fast facts: How the recession threatens to erase decades of progress for women


About Ellevest, Inc.
Ellevest is a financial company built by women, for women. After 30 years on Wall Street (including roles as CEO of Merrill Lynch, Smith Barney, and Citi Private Bank), CEO Sallie Krawcheck founded Ellevest because she realized the financial industry was built by men, for men. Ellevest provides solutions for women at all stages of their financial lives to help them invest more, save more, and do more for their money and career. Ellevest’s money membership was designed to help women do more for their money and career. It includes digital investing tools, banking services, discounted access to professional coaching, and learning resources. Ellevest private wealth management is for high net worth clients who want a customized financial strategy and the opportunity for impact investing to make the world better for women through its Ellevest Intentional Impact Portfolios. Since launching in 2016, Ellevest has built a community of 3 million Elle Raisers who believe in financial equality. It’s where women money. To learn more, check out ellevest.com or follow @ellevest on Instagram.

About Allianz Life Insurance Company of North America
Allianz Life Ventures, part of Allianz Life Insurance Company of North America (Allianz Life), makes investments in North American companies with potential market traction and a demonstrated ability to drive innovation. Allianz Life Ventures is uniquely positioned to leverage the financial strength and in-house expertise of Allianz Life to help our partners succeed. Active in all investment stages from seed and early stage to growth, current partners include: Core Innovation Capital II, LP, Blooom, Inc., Tomorrow Ideas, Inc., LifeYield, LLC, Gainfully, Inc., Vestwell Holdings, Inc., Ladder Financial, Inc., Covr Financial Technology, Inc. and Halo.


Disclosures

*Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Together, the Ellevest Save and Ellevest Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

**The Ellevest Intentional Impact Portfolio is a separately managed equity account that is sub-advised by Ethic, Inc., a SEC registered investment adviser. As sub-adviser, Ethic constructs and manages portfolios of individual stock positions benchmarked to an underlying index and customized to specific values criteria. The minimum investment in the Ellevest Intentional Impact Portfolio is $250,000. In addition to Ellevest’s advisory fee, the client will pay 0.25% of assets managed to the Sub-adviser.

© 2020 Ellevest, Inc. All Rights Reserved.

*Banking products and services are provided by Coastal Community Bank (“Coastal”), Member FDIC, pursuant to license by Mastercard International. Together, the Ellevest Save and Ellevest Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole U.S. dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to U.S. dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00 are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

**The Ellevest Intentional Impact Portfolio is a separately managed equity account that is sub-advised by Ethic, Inc., a SEC registered investment adviser. As sub-adviser, Ethic constructs and manages portfolios of individual stock positions benchmarked to an underlying index and customized to specific values criteria. The minimum investment in the Ellevest Intentional Impact Portfolio is $250,000. In addition to Ellevest’s advisory fee, the client will pay 0.25% of assets managed to the Sub-adviser.

About ATM Fee Refunds:
Domestic ATM Transaction Fees will be reimbursed if a payroll direct deposit has been received within the prior 30 days of the ATM transaction settlement. International ATM withdrawal fee of $5 will apply.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

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Ellevest Team

The Ellevest team is working to help women reach their financial and professional goals.