Home » Altro raises $4 million in equity funding for its credit-building app

Altro raises $4 million in equity funding for its credit-building app

With new funds, Los Angeles, California-based Altro plans to scale up its business reach across the U.S.

By Startup Funding News
Altro raises $4 million in funding for its credit-building app.

Altro, a provider of a credit-building app, raised $4 million in equity funding.

Tinashe, Quavo, Chris Paul, and Marshawn Lynch co-led the investment round.

Including the latest funding round, Altro has raised $22 million in funding to date from investors such as Pendulum, Marcy Ventures, Citi Impact Fund, Black Capital Fund, Concrete Rose Fund and individual investors such as Dick Parsons and Deborah Quazzo, among others.

With new funds, Los Angeles, California-based Altro plans to scale up its business reach across the U.S. Altro was founded in 2019 with the mission of bringing financial power to everyone, regardless of their credit history. Previously only available in 10 states, Altro is extensively expanding its reach to residents in 47 U.S. states and is now reporting to all three major credit bureaus in Experian, TransUnion and Equifax.

The latest version of Altro’s app includes a variety of features to encompass even more steps of the user’s financial journey. Altro’s free membership model provides users with financial literacy content such as access to Altro’s Convos, where CEO Michael Broughton sits down with innovators, celebrities, and entrepreneurs to discuss all things culture and finance. Altro’s free membership also includes access to in-person and virtual gatherings for networking and financial education opportunities across the community.

Altro’s Premium Membership, currently priced at $9.99, offers an elevated experience by granting users exclusive access to the Altro Credit Builder Card, real-time engagements, and active participation in the Convos in-app experience. The Altro Credit Builder Card application is available to paid members with no credit approval, supporting users who are starting or rebuilding their credit history. Tailored for digital and streaming subscriptions, this product utilizes a revolving line of credit to empower users. The Altro Credit Builder Cards are issued by Hatch Bank, a California chartered industrial bank.

Commenting on the fudning news, Michael Broughton, founder and CEO of Altro, said: “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.”

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