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March 29, 2021

Ellevest is leveling the financial playing field

Deepa Mukundan

“Ellevest was built by women, for women. The financial industry wasn’t.”

These words feature prominently on Ellevest’s website, summing up both the impetus for the company and the driving force behind it.

Founded in 2014 by Wall Street veteran Sallie Krawcheck, Ellevest is a financial learning and coaching platform for women. Initially, the New York-based company focused on shrinking the gender investment gap by offering investment services that factor in women’s longer lifespans, career breaks, salary projections, and other gender-specific variables.

With more than 100,000 clients and $1 billion in assets under management, the company had clearly identified a niche in woman-centric investment services. But their work wasn’t done. In 2020, Ellevest sought to broaden their scope by tackling the gender wealth gap with a new line of banking products and services.

But there was a problem: Ellevest’s previous financial data provider made it difficult for members to connect their financial accounts—a barrier in the onboarding flow that resulted in a low conversion rate and a poor user experience.

The company needed a better way to enable members to connect their financial accounts. For that, they chose Plaid.