Black-owned credit-building platform Altro raises $4 million in funding round

Altro, a black-owned credit-building financial literacy platform, has recently completed a successful strategic funding round, raising US$4 million. Notable figures such as Tinashe, Quavo, Marshawn Lynch, and Chris Paul have supported this initiative.

Founded in 2019 by Michael Broughton and originally known as Perch, Altro has played a significant role in helping users improve their credit scores. One of its innovative features involves integrating everyday payments and subscriptions, including popular services like Netflix, Spotify, Amazon Prime, and Starz, into its credit-building mechanism.

In addition to its credit-building tools, Altro offers educational resources to all members, including those with a free baseline membership. These resources include Altro’s Convo, a series of short audio episodes that explore various cultural and financial topics, as well as in-person and virtual networking events and opportunities.

Previously available in 10 U.S. states, Altro has expanded its reach to 47 states, thanks in part to the recent funding round involving high-profile supporters. Furthermore, Altro has started reporting user data to major credit bureaus such as Experian, TransUnion, and Equifax, enhancing its impact on users’ credit profiles and financial well-being.