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This College Dropout Raised Millions To Make Credit Access More Equitable | Forbes
Posted
December 15, 2022
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as posted by the channelLow-cost subscriptions to services like Netflix, Spotify and Xbox Live can help boost credit scores for folks with little or poor credit history. Altro issues a no-fee payment card to fund them. When customers pay their Altro bill, the company alerts top credit bureaus including TransUnion, Equifax and Experian to beef up their scores. Altro makes its money by charging the services a small transaction fee. “We serve people who have never been exposed to the credit system before,” Michael Broughton says. In 2020, he and cofounder Ayush Jain, who met as undergrads at USC, raised $250,000 from Jay-Z’s Marcy Ventures, dropped out of school and joined Y Combinator. They have since raised $18 million.
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Netflix SpotifyXbox LiveTransUnion EquifaxMichael BroughtonAyush JainJay-Zs Marcy VenturesY Combinator TheyFORBES Stay Connected Forbes
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