This article originally appeared in the September/October 2024 issue of Startups Magazine. Click here to subscribe

After spending a decade in the banking sector, working with top-tier institutions such as Morgan Stanley and Goldman Sachs, Ayesha began to realise that something wasn’t adding up: women were not investing as much as men.

It is this realisation that became the catalyst for Propelle, a platform designed specifically to empower women to build wealth through informed investment decisions.

From banking to building

Ayesha’s journey to founding Propelle began with her experience as an ultra-high-net-worth advisor at Goldman Sachs. From scratch, she built up and managed multi-asset class client portfolios worth more than half a billion pounds, and shortly after, she was promoted to Executive Director, ‘things were going well,’ she proclaimed. Then one day, something changed.

“I sat down and I thought, ‘why are our clients all, pretty much, men? Where are the women?’ Don’t women have any money? And if not, why?’ Then I thought maybe it’s because we only deal with ultra-high net worth clients.” It was this questioning that led her to investigate further. “But I spoke to colleagues and the picture was the same across the board.”

With a master’s degree in physics, a strong interest in finance, and a love of talking to people, Ayesha grew more and more curious about why women weren’t investing and she discovered that although women do have money, they often don’t invest it due to a lack of confidence, time, and accessible information. This discovery drove her to leave the world of institutional banking and venture into the startup space.

Transparency, responsibility, empathy

Having already done her due diligence, Ayesha had built up a good idea of what women actually want, and so Propelle’s ethos is deeply rooted in three core values: transparency, responsibility, and empathy. These are the very foundation upon which the company operates.

“Transparency is at the heart of Propelle. Women want to know where their money is, where it’s going, and how much they’re being charged. It needs to be very clear, very transparent, and very upfront.”

Responsibility also plays a crucial role, particularly in building trust with clients.

“Women trust us. We are FCA regulated, which is something I think is super important … It helps to build trust. It shows women just who Propelle is, and it shows our credibility.”

Empathy is reflected in how Propelle listens to and learns from its users. Ayesha stresses the importance of understanding the unique needs of women, both as investors and as individuals.

“I’m really listening to what women are saying; it helps us to build our product and to give them what they want.

“It’s also important for me to listen to my team as well ... I want them to bring their whole selves to work.”

A suite of products and services

Propelle offers a wide range of products and services, all designed to meet the specific needs of women investors. The platform is built on three pillars: financial education, community, and investment.

The financial education component aims to build confidence and knowledge among women, while the community aspect fosters a sense of belonging and mutual support. The investment pillar, however, is where Propelle truly differentiates itself from other platforms by offering a holistic approach to wealth management.

“We’re building a comprehensive platform where you can get everything in one place. Other companies don’t offer it all. They have the education and the community, but to me, they haven’t finished the puzzle because women need to then invest … and that [investment platform] is actually the hardest bit to build.”

The Propelle investment offering includes traditional investments like ISAs and funds from major players like Vanguard, BlackRock, and HSBC, as well as access alternative investments like fractionalised real estate.

“We’re going to start adding other alternatives like access to startup investing, wine, art … that’s how [the wealthy] build portfolios.”

From woman to woman

“We found our target market is typically women who are between their late 20s or early 40s. They tend to be working, have disposable income, and have already heard about investing. A lot of them already have investments but they're not investing with any sort of strategy. We're also attracting wealthier women who already have financial advisors but want a better understanding of their investments. We didn't set out to do that. But actually, what I found is that pretty much across the board women feel the same.”

The very foundation of Propelle’s being is born from a response to a real need in the market for a female-centric approach to investing. Yet, Ayesha faced scepticism from some investors who questioned the need for an investment platform for women.

“One of the things that I find, just generally, is that a lot of things are built by men and they assume they’re fine for women. But often they’re not. We need something completely different.”

Propelle-ing her forward

Propelle launched publicly on 25th September 2024, a milestone that Ayesha eagerly anticipated. However, the journey hasn’t always been an easy one – especially when it came to raising funds.

With her background in banking, a master’s in physics, and an MBA from the London Business School, Ayesha was sure that she’d be set to raise funds. She’d heard about the struggle for female founders, especially those of colour, but given her credentials she “somewhat naively” believed that she could fundraise.

“When I started, it was horrendously hard – to the point where I sat down and said to my husband, ‘I’m gonna have to shut this down because I can’t raise money’ … I knew the stats, but I didn’t think it applied to me because I met all the tick boxes.”

However, it was when Propelle joined the Google for Startups programme that things started to change. With their backing, doors that had previously been closed, started to open.

“Google helped in terms of signalling and giving us a stamp of approval … The irony is, the company was in a worse position at the time we got into Google … but investors read that Google are giving us money and supporting us, then they wanted to put money in.”

Lessons for other entrepreneurs

The journey to building Propelle has seen the highs and lows of the startup journey, and reflecting on her experiences, Ayesha offers advice to other entrepreneurs.

“So many people are going to be naysayers, doubters, haters telling you why you can’t do it, why you shouldn’t do it … You have to believe in yourself. For myself, I know I’m meant to do this, I feel it.”

With its official launch just announced, Propelle’s fissure of excitement is set to erupt the finance market – and women are crying out for what Propelle offer.

“We are London-based, but there are so many women across the UK who are calling out for this – I hear you, we’re coming.”