Sallie Krawcheck, the former Bank of America and Citigroup 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 led a $10 million fundraising round for the product, which included backing from MasterCard Chief Executive Officer Ajay Banga, Allianz 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."
Krawcheck also is owner and chairwoman of Ellevate Network, a professional organization for women. She is principal of Ellevate Asset Management 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.