This is Sallie Krawcheck's next big project
She will be CEO of the venture, and Charlie Kroll will act as president and COO.
"It's time to turn our attention to another gender gap: the investing gap. It's time to give women an investing experience built specifically for them. Ellevest will be unlike anything else out there and will empower women to take financial control of their lives," Krawcheck said.
Krawcheck, a former president of global wealth and investment management at Bank of America, will continue to chair the Ellevate Network - a professional women's network.
Kroll founded fintech firm Andera, which was sold to Bottomline Technologies for $44.5 million last year.
Morningstar has thrown in $10 million in Series A financing for Ellevest. Other investors include Mohamed El-Erian, chief economic adviser at Allianz and the former chief executive of Pimco; Ajay Banga, president and CEO of Mastercard; and Robert Druskin, executive chairman of the DTCC and a former COO of Citigroup.