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Sallie Krawcheck raises $34 million for women-focused robo-adviser

Krawcheck, the former CEO Bank of America Merrill Lynch’s wealth management group, last year launched Ellevest, a digital financial advisor that caters to women’s retirement savings needs.

Women live longer than men and have unique salary curves, which peak earlier than men and are punctuated by breaks (generally for family), and Ellevest designs its investment strategies with those requirements in mind.

Wall Street is “built by men for men,” she told the New York Times. “This is costing the industry hundreds of millions of dollars in opportunity because it is not reaching women.”

The company, which manages $50 million in assets, raised the new funding from Rethink Capital, Salesforce Ventures, CreditEase Fintech Investment Fund as well as Venus Williams and Allianz’s economic advisor Mohamed El-Erian.

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