Altro Has Raised $18M To Help You Build Credit Just By Paying For Your Netflix Subscription

Company

About

The company attended pitch competition after pitch competition, raising about a total of $100,000, until one day in the summer of 2020 an analyst for musician Jay-Z’s Marcy Ventures happened to be in the audience.The day after, the firm wrote a $250,000 check into the company, kicking off its seed round and prompting Broughton to drop out of college to focus on growing Altro.“It was a 48-hour turnaround, and it was the first money we’d ever raised outside of pitch competitions,” he told TechCrunch. The company, as overwhelmed as it was, told people on the waitlist that if they needed immediate access to credit to let them know. And today, the startup is announcing it has raised $18 million in a Series A funding round led by Pendulum, with participation from Marcy Ventures, as well as Citi Ventures, Black Capital Fund, Concrete Rose Fund and individual investors such as Dick Parsons and Deborah Quazzo, among others. Watching the snippets, the company says, not only allows users to become more financially savvy, but also positively impact users’ scores the more they engage. In December 2019, they started Altro — which started out as Perch Credit — and began hunkering down in a Hacker House with a few others to build out a platform that finds a person’s recurring transactions and connects them to a trade line that it reports to all three credit bureaus. By the time it raised its $2.5 million seed round in December 2020 in a round that included participation from Citigroup and SoftBank Opportunity Fund — among others — Altro had a couple of thousand customers.