Altro bags $18m in funding to help people build credit
US-based fintech app Altro announced that it has raised $18 million in a Series A funding round led by Pendulum Holdings.
The round also saw participation from Marcy Venture Partners, Citi Ventures, Black Capital Fund and Concrete Rose Capital, venture capital firm West and and individual investors such as Dick Parsons from financial services firm The Equity Alliance, among others.
Founded in 2019, Altro, formerly Perch, aims to help people build credit and gain financial power through non-traditional forms of payments – recurring payments and subscriptions – such as Netflix and Hulu.
“Sixty-three million Americans are unbanked or underbanked due to discriminatory practices within our financial system,” the firm says, announcing the raise on LinkedIn. “Altro is here to change that.”
Altro’s free mobile app helps users earn credit by counting the recurring payments and subscriptions being made.
The San Francisco-based firm says that users can link these recurring payments “to leverage unseen and uncounted payments” helping individuals build their credit score.