Sallie Krawcheck, the former Bank of America Corp. and Citigroup Inc. executive, is adding a female-oriented investing platform to her ventures meant to promote women in business.
Ellevest, an online investment website, will start in 2016, Krawcheck said Monday in a statement. Morningstar Inc. led a $10 million fundraising round for the product, which included backing from MasterCard Inc. Chief Executive Officer Ajay Banga, Allianz SE chief economic adviser Mohamed El-Erian and Depository Trust & Clearing Chairman Robert Druskin.
“It’s time to turn our attention to another gender gap: the investing gap,” said Krawcheck, 50, who will be the startup’s CEO. “It’s time to give women an investing experience built specifically for them.”
Charlie Kroll, former CEO of financial technology firm Andera Inc., will be president and chief operating officer, according to the statement.
Krawcheck also is owner and chairwoman of Ellevate Network, a professional organization for women. She is principal of Ellevate Asset Management LLC and along with Pax World Management created the Pax Ellevate Global Women’s Index Fund, which invests in companies with female directors and top managers.
(An earlier version of this story corrected the spelling of Krawcheck’s first name.)