Credit building startup Altro has raised $18 million with support from Jay-Z and Citi Ventures.
The Series A funding was led by Pendulum, with participation from Jay-Z’s Marcy Ventures, as well as Citi Ventures, Black Capital Fund, and Concrete Rose Fund, and individual investors.
Formerly known as Perch, Altro allows users to build credit through recurring payments for digital subscriptions such as Netflix and Spotify.
“With all the other available data to demonstrate a person’s fiscal responsibility, there’s no excuse to continue to rely on outdated methods like credit cards and loan payments, which are predatory and exclusionary at best,“ says Altro co-founder and CEO Michael Broughton. ”Perch has proven the demand for more accessible forms of credit building, and now as Altro, we’re creating a movement, bringing financial empowerment to all."
He says the new funding will be used to build the company’s financial literacy catalogue/educational offerings and reach new users looking to build or repair credit.
Launched in 2020, the app shot to the top 10 in the App Store amid a surge in sign-ups — amassing a 200,000 person waitlist.
The Series A funding round brings Altro’s total funding to $21 million.