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Ellevest Statistics: AUM, Valuation, Revenues, Number of Users & More

Ricardo Fernandes| Updated January 22nd, 2024

Founded in 2014, Ellevest is a US-based robo-advisor investment platform and financial literacy program primarily for women. Ellevest has positioned itself as a pioneering investment platform tailored to address the distinctive financial needs of women while still being open to all.

In this article, we will delve into Ellevest’s latest public statistics. We will explore the platform’s assets under management (AUM), number of users, revenue, and other relevant data. This information will provide valuable insights into Ellevest’s performance and impact on the robo-advisor industry.

Whether you are a current Ellevest user, thinking about using the platform, or just interested in the Robo-advisory industry, keep reading to discover the latest Ellevest statistics for 2024.

Overview

Under the mission to “get more money in the hands of women,” Ellevest is a US-based robo-advisor run by women and marketed to women. Currently, Ellevest offers a single plan for its robo-advisor service, priced at $12 per month (or $129 annually). In addition to goal-specific portfolios, the plan provides investors access to up to five goal-specific accounts, tax minimisation strategies, automatic rebalancing, and an exclusive discount on personalised financial guidance.

Additionally, for high-net-worth individuals with over $1 million in assets, Ellevest’s Private Wealth Management presents an elevated suite of services, emphasising a dedicated team for collaboration with accountants and estate attorneys and opportunities for impact investing.

Here are some key corporate facts about Ellevest:

  • Founded year: 2014
  • Headquarters: New York, United States
  • IPO date: Privately held company
  • Sector: Finance
  • Industry: Robo-advisor, Investment Management
  • Founder: Sallie Krawcheck, Charlie Kroll‎
  • Number of employees: 125 (January 2024 – LinkedIn)

Ownership

Ellevest is a privately-owned company backed by over 40 investors, including its founders and several venture capital firms, who followed several rounds of financing. Since its establishment in 2014, Ellevest has raised a total of $153.4M in funding over 7 rounds, with the latest funding being raised on Apr 6, 2022, from a Series B round.

Here is a list of some major investors:

  • Alumni Ventures
  • Morningstar
  • AME Cloud Ventures
  • Contour Venture Partners
  • Allianz Life Ventures
  • Rethink Capital Partners
  • BMO Financial Group
  • Cleo Capital

Source: Crunchbase, ForgeGlobal

Ellevest Users

Ellevest stands out as a platform committed to bridging the gender gap in the financial world, making it particularly tailored for women.

As of 2023, Ellevest has more than 140,000 clients, each with an average account size of $11,000. The platform’s typical user is a woman in her 30s actively saving in a 401(k) through her workplace. Ellevest’s co-founder Sallie Krawcheck emphasises that the platform also concentrates on serving higher-net-worth clients, a focus that wasn’t initially part of Ellevest.

Reporting Period Users
March 2023 146,549
Feb 2022 110,300
March 2021 123,000

Source: ADV Form Fillings, CEO interview

Ellevest does not disclose the number of active users on its platform or even the historical data. However, the company has mentioned on its website that it has “tens of thousands of people using Ellevest”, which suggests that the number of active users has increased. Looking back to 2016, Ellevest’s total assets under management were $136,185, with a total number of accounts of only 40, which shows a great increase in the last few years.

Ellevest AUM

Ellevest’s assets under management (AUM) have shown consistent growth in recent years. Ellevest has capitalised on the migration of numerous users to online investment platforms, leveraging its strong focus on social responsibility to address the gender representation gap.

Ellevest’s AUM has experienced substantial growth, starting at $197 million in December 2018 and surging to over $1.6 billion in AUM by 2023. This impressive expansion is indicative of Ellevest’s success in not only attracting users in the evolving landscape of online investment but also in aligning with socially responsible initiatives aimed at reducing gender disparities.

Reporting Period Reported Value
Sep 2023 1.3B
Mar 2023 1.62B*
Mar 2022 1.01B*
Dec 2021 1.12B
Sep 2021 1.03B
Jun 2021 1.01B
Mar 2021 829M
Dec 2020 684M
Sep 2020 557M
Jun 2020 468M
Mar 2020 361M
Dec 2019 360M
Sep 2019 286M
Jun 2019 253M
Mar 2019 210M
Dec 2018 197M

Source: Fintel, *ADV Form Fillings

The data provided primarily comes from an external source, Fintel. Nonetheless, it’s crucial to note that the value presented in the table should not be used as a substitute for Assets Under Management (AUM), as it does not include cash held in accounts.

Ellevest Valuation

Ellevest´s valuation has steadily increased since its inception. Ellevest has completed 7 funding rounds over the years, including its most recent round in April 2022, which raised $153.4 million in growth capital, leading to a valuation of $363.36 million.

The company’s intention to go public through an IPO in the near future remains uncertain, with no official announcements made on this matter. However, because Ellevest keeps growing steadily and becoming more valuable, they might decide to go public in the next few years.

Reporting Period Post Money Valuation
Apr 2022 $364.36M
Nov 2020 $198.06M
Mar 2019 $163.18M
Sep 2017 $82.33M

Source: Forge Global

Ellevest Revenues

Ellevest generates revenue through multiple sources, with the primary contributor being charges assessed on user portfolios. The company also earns an interchange fee whenever its debit cards are used. Ellevest also offers 1:1 financial planning sessions with CFP® professionals to all clients, offering a 50% discount on this service for robo-advisor clients. For high-net-worth clients investing over a million, Ellevest applies a fee that can go up to 1.00% on their Private Wealth Management service.

Although Ellevest is privately held and not obligated to file financial statements with the SEC, analysts estimate the company’s 2022 revenue at $19.6 million – approximately $178 per user. Given the growth in their client base since then, it is highly likely that their revenues have also experienced an increase.

Conclusion

In summary, Ellevest stands out as a robo-advisor, offering an excellent entry point for new investors, individuals with limited initial capital, or those seeking a more hands-off investment approach. What sets Ellevest apart is its uniqueness within the industry, providing a specialised platform for women. Ellevest takes a leadership position in this niche market by addressing specific challenges faced by women, such as salary gaps, career breaks, and life expectancy.

Despite being privately held and not required to disclose such information, we tried in this article to gather all the relevant statistics for Ellevest.

FAQ

Is Ellevest Safe? Is my money with Ellevest protected?

Yes, Ellevest is safe and insured. Your investments are insured by the Securities Investor Protection Corporation (SIPC), which protects assets up to $500,000. Ellevest also provides FDIC insurance for Ellevest Spend and Save accounts.

Is Ellevest regulated?

Yes, Ellevest is regulated by the Securities and Exchange Commission (SEC). Ellevest isn’t a broker-dealer and, therefore, isn’t registered with FINRA. However, its partners, Folio Investments and Schwab, are registered, alleviating any concerns.

Does Ellevest work Internationally?

No, Ellevest isn’t available anywhere outside the US, and has no plans to expand internationally.

Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is an undergraduate management student with a passion for finance and business. He serves as the CEO of one of Portugal's most promising junior initiatives, the Minho Investment Association, and holds the role of Ambassador for the renowned BIG-4 firm, Ernst & Young (EY).

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