Ellevest launches Money Membership with Mastercard debit card

By Pavithra R

Ellevest, a financial company built by women, for women announced the launch of a membership plan created to get more money in the hands of women by helping them save, invest, and advance their careers.

Ellevest’s new membership model includes access to 1:1 financial and career coaching, personalised investing plans, a no-fee Mastercard debit card, member-only workshops and guides and spend and save banking accounts with automatic roundup to start saving sooner.

The company is expanding on its mission to get more money in the hands of women, with impacts of the COVID-19 pandemic on women’s financial stability, these new offerings are considered crucial. A recent survey conducted by the company revealed that 92% of women earning less than $50,000 a year realised that they need to build their financial safety nets, while 80% of women across all income levels are taking a hard look at their money goals. Understanding these pressing needs, Ellevest aims to help more women with their money irrespective of where they stand financially right now.

“In 2020, women are living in a she-cession. As a result of the pandemic, women overall — and especially Black and Latinx women — are losing their jobs at a higher rate than men are. Women who are still in the workforce are taking on greater child care burdens, forcing many of them to quit. Now, more than ever, women are looking to take control of their finances. Ellevest is here to help,” said Salle Krawcheck, CEO and co-founder of Ellevest.

Members of the Ellevest can make plans to pay off debt, get guidance on looking for a job, work with a coach on the next steps in their career, learn how to make decisions about day-to-day spending and budgeting, invest in building wealth, or plan for retirement in a single place. Its membership is available in three plans: Essential, Plus, and Executive. Membership on every level includes the tools women need to build or rebuild their financial futures.

“Five times more women than men live paycheck to paycheck, without any emergency fund. The gender wealth gap is 32 cents to a white man’s dollar, and one penny for Black women and Latinx women. We have a long way to go to reach economic equality, and Ellevest is committed to driving real change. Because nothing bad happens when women have more money,” said Krawcheck.

All Ellevest members get Spend and Save accounts provided by Coastal Community Bank, member FDIC. The company partnered with Mastercard to create the Ellevest debit card. Its debit card comes with Mastercard World Debit Benefits, including contactless tap-and-go payment technology, Mastercard ID theft resolution, extended warranty, and more.

“At Mastercard, we believe in creating a world of financial equality and are proud to be working in partnership with Ellevest to further that mission. We are thrilled to launch the Ellevest Mastercard debit card as part of their membership program and continue to invest in women’s economic empowerment with the financial tools they deserve,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.

Mastercard recently acquired Finicity to bolster open banking strategy.

Founded in 2014, Ellevest was built by women, for women. Membership at Ellevest offers access to investing, banking, learning, and coaching.