Altro, a leading credit-building and financial literacy platform, has raised $4 million in a strategic funding round, gaining support from figures such as Tinashe, Quavo, Marshawn Lynch, and Chris Paul.
Altro
Founded in 2019 by Michael Broughton and initially known as Perch, Altro has been instrumental in helping users enhance their credit scores.
It ingeniously integrates everyday payments and subscriptions into its credit-building mechanism, including Netflix, Spotify, Amazon Prime, and Starz.
Beyond this, Altro extends educational resources to all its members, even those with a baseline free membership.
These resources encompass Altro’s Convo, featuring short audio episodes that delve into various cultural and financial topics and in-person and virtual networking events and opportunities.
Previously available in 10 U.S. states, the platform has expanded its reach to 47 states partly due to the star-powered funding round.
Additionally, it has begun reporting to major credit bureaus such as Experian, TransUnion, and Equifax.
Altro co-founder and CEO Michael Broughton
$4M Funding Round
Among the investors of the $4 million funding round are personalities such as Tinashe, Quavo, Chris Paul, and Marshawn Lynch.
This investment escalates Altro’s total funding to an impressive $22 million.
“Solutions for financial stability are extremely important to level the playing field for the people who have often been left behind,” Paul said in a press release to AfroTech. “I’m excited to partner with Altro to create an answer.”
Future Plans
Further amplifying its commitment to financial inclusivity, Altro has announced the launch of the Altro Credit Builder Card.
This innovation, part of its $9.99 premium membership, stands out as it requires no credit approval.
Issued by Hatch Bank and running on the Discover® Global Network, the card is designed to support users with a revolving line of credit.
“Altro’s collaboration with Discover Global Network, along with our expansion into 47 states, marks a pivotal step towards our goal of democratizing credit-building for all,” said Broughton.
“It is our mission to reshape the credit landscape and redefine not only what financial empowerment fundamentally means but also who has access to it.”
