Altro, a San Francisco, CA-based platform that helps people build credit through non-traditional payments, raised $18M in Series A funding.
The round brings Altro’s total funding to $21 million, 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 such as Dick Parsons (Equity Alliance, RNR) and Deborah Quazzo (GSV Ventures), among others.
The company will use new funds to expand its credit and financial literacy program. It also plans to offer financial education to people who aren’t part of traditional finance.
Altro is the CEO and co-founder of Altro. It allows users to build credit using recurring payment forms, such as digital subscriptions. Subscriptions that are included in Altro include Netflix, Youtube Premium (DOL), Adobe Creative Cloud, Dollar Shave Club and Adobe Creative Cloud, Hulu Online, Hulu, Spotify Home Chef, Xbox Live HelloFresh Barkbox, CBS All Access, LinkedIn Premium. Coursera, PlayStation Live. Blue Apron. Curology. ESPN Plus. LeetCode. Birchbox. Ipsy. Altro’s vast library of educational audio clips aims to educate users, not only increase credit scores but also help them improve their credit scores. The 350+ snippets cover topics like cryptocurrency, investing, and trading, which allow users to become financially savvy and also positively impact users’ scores the more they engage.
The app, which launched as Perch in 2020, shot to the top 10 in the App Store amid a surge in sign-ups — amassing a 200,000 person waitlist — validating the need for a modernized, accessible approach to credit building.