Jay-Z invests in black-led credit building startup


Black-led credit building startup Altro has raised $18 million with support from Grammy award-winning musician, 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.

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all the other available data to demonstrate a person’s fiscal responsibility, there’s no excuse to continue to rely on outdated methods like credit cards and loan payments, which are predatory and exclusionary at best,“ says Altro co-founder and CEO Michael Broughton.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.


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