Chris Paul, Tinashe, And Quavo Invest In Altro's $4M Funding Round To Democratize Credit Building For Everyone

Notable names in sports and music have gathered to make credit building more accessible to the masses.

According to a press release shared with AFROTECH™, Tinashe, Quavo, Chris Paul, and Marshawn Lynch are among the investors who participated in Altro’s latest strategic funding round totaling $4 million. The round brings the credit-building and financial literacy platform’s total funding to $22 million.

Altro, formerly known as Perch, was founded in 2019 by Michael Broughton. It allows users to strengthen their credit scores through “everyday payment and subscriptions” such as Netflix, Spotify, Amazon Prime, Starz, and more.

Additionally, the company offers educational resources even to its baseline free membership model. Resources include Altro’s Convo, consisting of brief audio episodes discussing various cultural and financial subjects, and in-person and virtual networking events and opportunities.

Prior, Altro was available in 10 U.S. states. In light of the star-studded round, that number has soared to 47 U.S. states. In addition, it is now reporting to credit bureaus such as Experian, TransUnion, and Equifax.

“Solutions for financial stability are extremely important to level the playing field for the people who have often been left behind,” said Chris Paul in a press release provided to AFROTECH™. “I’m excited to partner with Altro to create an answer.”

To further promote financial stability, the Altro Credit Builder Card has also been announced, which will be made available through its $9.99 premium membership, with no credit approval. The card, which is issued by Hatch Bank and will run on the Discover® Global Network, will support users through 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 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,” explained Broughton in a news release.