Black-led credit building startup Altro has raised $18 million with support from Grammy award-winning musician, Jay-Z and Citi Ventures.
Altro is a free app that 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all the other available data to demonstrate a person’s fiscal responsibility, there’s no excuse to continue to rely on outdated methods like credit cards and loan payments, which are predatory and exclusionary at best,“ says Altro co-founder and CEO Michael Broughton.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.
