Jay-Z’s Marcy Ventures has joined Citi Ventures, Black Capital Fund and Concrete Rose Fund by investing in the Black-owned, credit building platform, Altro. According to a press release obtained by the good folks over at Afro Tech, Altro is assists its users in building their credit up “through recurring payment forms like digital subscriptions.” Having secured $18 million in funding, Altro Co-Founder Michael Broughton plans to build up the company’s infrastructure while developing financial literacy education programs for marginalized communities.
“With all the other available data to demonstrate a person’s fiscal responsibility, there’s no excuse to continue to rely on outdated methods like credit cards and loan payments, which are predatory and exclusionary at best,” Broughton said, according to Afro Tech.
“[Altro] has proven the demand for more accessible forms of credit building, and now as Altro, we’re creating a movement, bringing financial empowerment to all.”
Moving forward, the demand for Altro will only rise. According to initial reports, the waitlist for the platform grew to 200,000 perspective users by 2020. With this funding, Altro will move one step closer to its goal of helping democratizing credit building. To learn more about Altro, visit their official website.