TOP 100 MAGAZINE

Crissi Cole
 

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In the bustling financial landscape of Boston, MA, one company is making waves by transforming the way women approach money management. Founded in 2020, Penny Finance is a digital financial planning platform designed with a women-first approach. With a mission to close the wealth gap in America, Penny Finance is dedicated to helping everyday Americans break free from debt and step confidently into the world of investing.

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At the helm of this innovative company is Crissi Cole, a seasoned Wall Street veteran and financial expert. With over a decade of experience in wealth management at Goldman Sachs in New York City, Crissi has a robust background in investing in ultra-high-net-worth portfolios and developing trading and technology platforms. Her impressive credentials include being a Forbes Finance Council contributor and holding Series 7 and 66 trading licenses. She is also a candidate for the Certified Financial Planner (CFP) designation.

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Under Crissi’s leadership, Penny Finance has grown into a trusted virtual financial planner for over 25,000 women. The platform provides personalized money insights, tailored education, and a supportive community, guiding users through the often complex and intimidating financial landscape. Further, Penny Finance’s team is comprised of individuals with deep experience in finance, engineering, and marketing—AND, they know what it’s like to live paycheck to paycheck, giving them a unique perspective and genuine empathy for the financial struggles many Americans face.

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Crissi's accomplishments with Penny Finance are nothing short of remarkable. The company won the 2023 Smart Money Awards from Real Simple for being one of the best financial apps alongside established billion-dollar financial entities like JPMorgan Chase and Sofi. Penny Finance was also one of only ten companies selected for funding by Techstars and Pivotal Ventures, Melinda Gates’ investment company, for a Future of Longevity accelerator.

In addition to these professional milestones, Crissi’s personal journey is equally inspiring. She successfully raised two rounds of venture capital, both while pregnant. This incredible feat highlights her determination, resilience, and unwavering commitment to her vision, setting a powerful example for women entrepreneurs everywhere.

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Crissi’s educational background further solidifies her expertise and dedication to the field. She holds an undergraduate degree from Bentley University and a graduate degree from New York University. Her continued pursuit of professional certifications, including her candidacy for the CFP designation, demonstrates her commitment to staying at the forefront of financial advisory services.

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Penny Finance is more than just a digital financial advisor; it is a movement towards financial empowerment and equality. Through personalized guidance, education, and community support, Crissi Cole and her team are helping women take control of their financial futures, one step at a time.

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We had the opportunity to sit down with Crissi to delve deeper into her journey, the challenges she faced, and the vision she has for the future of financial empowerment for women.

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Crissi, what inspired you to start Penny Finance?

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It all started with my mom and my grandmother, who worked extremely hard their entire lives, but were never truly financially free and always stressed about money. While working at Goldman Sachs, I realized this concern had been growing in me since I was ten years old. It didn’t seem fair that people had to worry about money constantly. Even though I was working at a financial mecca, I couldn't pay my rent or student loans. It didn't add up, and it made me angry. How had no one built a solution to help everyday people manage their money? I realized that with a bit of tech and a lot of heart, we could help women get out of debt and start investing. That’s when I decided to quit my job and start Penny Finance. It was born out of a deep-seated belief that financial stress shouldn't be a universal experience, and that we could create a practical, accessible solution for women everywhere.

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What makes Penny Finance unique?

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Penny Finance stands out because we handle the "messy middle" of personal finance. While there are plenty of budgeting apps, investing apps, and robo-advisors, few integrate all these aspects into one cohesive plan. We help users navigate the complexities of life, whether they have $200 to manage, just had a baby, need a will, a 529 account, a new budget, life insurance, or to balance debt payments with 401(k) contributions.

Our biggest differentiator is our comprehensive, yet simplified, approach to financial planning. We make it approachable, digestible, and affordable. Users can access all our tools and resources for just $10 a month, or for free through their credit union. We aim to demystify money management, offering a supportive, non-judgmental, and conversational experience, rather than one filled with jargon.

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Starting and growing an innovative, award-winning digital financial app is challenging enough on its own, but you managed to do it while juggling motherhood, two pregnancies, and investor meetings. Can you share your extraordinary journey of bringing Penny to life and building it into a thriving enterprise?

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During my first pregnancy, I was building and launching Penny Finance while raising my first round of venture capital. I had acupuncture needles on my wrist to prevent me from throwing up during pitch meetings. Remarkably, I gave birth to my daughter just one day after officially launching Penny. My husband had to pull my phone out of my hand and tell me, “Have this baby, please.” How do you maintain your career, fund the family budget, stay healthy, and raise kids all at once? I’d be lying if I said it was easy or even possible, but these challenges inspire me daily to keep fighting.

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Penny Finance is growing rapidly and racking up awards, yet you share these achievements with others, particularly your husband. Can you share how their support has contributed to your success?

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We often focus on the women pushing the envelope, but my husband has been instrumental in my success. He took a four-month paternity leave with our daughter, allowing me to return to work, and he's taking another paternity leave with our second baby. I’m not doing this alone. A significant reason I’m able to pursue my career is because his employer, Deloitte, supports paternity leave, he supports my ambitions, and we co-parent together.  The more we can balance out our duties at home, the more possible it will be for women to invest in themselves, their careers, and their ambitions.

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Crissi Cole

Founder & CEO

Penny Finance
Website: https://www.penny-finance.com 

LinkedIn: https://www.linkedin.com/in/crissicole111 

Facebook: https://www.facebook.com/getmoneyempowered 

Instagram: https://www.instagram.com/startwithapenny