"I won't buy it unless I can buy it twice," Jay-Z once said.
For quite some time, the Hip-Hop genius turned business magnate has been dropping nuggets for Black folks to get their money in line. So it's only right that he contributes to the community's success by investing in Altro, a platform that helps people develop credit and provides financial literacy education.Altro, formerly Perch, has just received the cash it needs to further democratize credit building "via regular payment forms like digital subscriptions" – think Netflix, Hulu, Spotify, and other such services.
Altro is on a mission to employ streaming service payments to assist people not just develop but also enhance their credit. There are about 63 million Americans who are either unbanked or underbanked. According to a news statement, Pendulum led a $18 million Series A funding round that included Marcy Venture Partners, Citi Ventures, Black Capital Fund, Concrete Rose Fund, and a number of additional investors.
The new funds will be used to help the company expand its credit-building and financial literacy education programs, with the goal of providing financial power to underrepresented people."With all of the other data available to indicate a person's economic prudence, there's no need to continue to rely on predatory and discriminatory techniques like credit cards and loan payments," Altro co-founder and CEO Michael Broughton said in an official news statement provided with AfroTech. "As Altro, we're establishing a movement, delivering financial empowerment to all," says Perch.Users can even see their credit ratings change more quickly with the app. The commitment to financial literacy education is what sets this fintech distinct. People can learn about bitcoin, trading, and investing through over 350 snippets.
"Traditional fintech has been built by and for those who have good financial health, which leaves a lot of people behind. "Altro has established a financial empowerment platform that unlocks economic opportunity for those for whom the credit building system hasn't been built," Rish Sinha, Managing Director of Altro, stated.When it first released in 2020 under the name Perch, the app was a huge hit, with a 200,000-person waiting list.
Altro users will now be able to accrue credit and have alternatives based on their current spending habits with participating subscription services such as, but not limited to:
Netflix
Premium Youtube
Dollar Shave Membership
Creative Cloud by Adobe
Nintendo eShop
iTunes Music Store
SoundCloud
Chegg
Crunchyroll
Audible
Basket of Sun
Hulu,
Spotify
Chef at Home
Xbox 360 Live
HelloFresh
Barkbox
Prime (Amazon)
All Access on CBS
Premium on LinkedIn
Coursera
PlayStation Network
HBO Max
Plus Disney
Blue Apron is a restaurant in New York City.
Curology
FabFitFun
PlusESPN
LeetCode
Birchbox
Billie and Ipsy
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