"Funny thing to be talking about money just as there are a record number of people filing for unemployment. One of the realizations that caused me to start this newsletter is that all the money is still controlled by men. All the banks are run by white male CEOs and have largely white male boards. When can we start a Female Founded bank, that speaks inclusively to women, that has female leadership across all ranks, that can then sponsor women events, conferences, and sports?!
Until that happens, I will highlight some overall cool money related banks and startups that have female founders.
1. Ellevest, a digital wealth advisory platform, Founder Sallie Krawcheck. This is good if you were thinking of opening a Robinhood trading account or another savings account but you want it to be managed by someone else. Ellevest also has an optional feature that will invest in an environmentally aware manner.
2. Azlo, a digital bank for founders and small businesses, Co-Founder Cameron Peake. This is good if you have a small business or startup that operates with mostly online sales (no cash) and want a bank that has almost no fees! It's super easy to set up an account all online with them.
4. Nova Credit, a credit score company that factors in your credit history from another country so immigrants and ex-pats can get access to credit in the USA. One of the three co-founders is Nicky Goulimis. This cross-border credit bureau is integrating with banks and other financial institutions to provide access to credit cards, mortgages, and other loans to newcomers to the USA.
5. Goalsetter, a Money App for the whole family, Founder Tanya Van Court. This is a great option for families with kids or teens who want to have a debit card or a smart savings account. The app also features financial literacy quizzes that use pop-culture references to keep everyone engaged and learning about money. Hear her explain the mission and company in this Podcast Episode.
6. Approvely, "Stripe for high-risk businesses" is the way to describe this Payments Company, Founder Chelsie Cooper. You can use Approvely if you are setting up online payment systems that verify the credit cards of your customers at the point-of-sale. It reduces fraud by instantly checking the card that is being processed. If you own a small business or restaurant or shop, shoot them an email to set up an account. Hear her explain the concept and the company in this Podcast Episode.
Honorable mentions = Citi & Fidelity
Just a few weeks ago, Jane Fraser was named as Citibank's new CEO when Michael Corbat retires early next year. This is the FIRST woman to lead a major global Wall Street bank.
Fidelity is run by CEO Abigail Johnson, the daughter of the Founder. She is also one of the World's Wealthiest women since Fidelity Investments is privately owned by her family. Her estimated Net Worth is $16 billion.
SARCASTIC (but serious) DISCLAIMER: All the bank-related companies founded or currently run by men include but are not limited to: JP Morgan Chase, Wells Fargo, Bank of America, Morgan Stanley, Barclays, Capital One, Discover, Ally, Silicon Valley Bank, Acorns, Betterment, Venmo, Affirm, Mint, Paypal, Stripe, SoFi, Robinhood, Splitwise, all the mortgage lenders, ....."