Jay-Z’s Venture Capital Firm Backs Black-Led Finance App
Brooklyn-bred mogul Jay-Z has continually used his platform to amplify the importance of financial literacy and building generational wealth, and his investment portfolio serves as a reflection of his belief in those values. According to TechCrunch, the Marcy Venture Partners founder has provided funding for a Black-led app centered on building credit.
Altro has raised $18M to help you build credit just by paying for your Netflix subscription https://t.co/GVIXgZp8k5 by @bayareawriter
— TechCrunch (@TechCrunch) May 12, 2022
Launched in 2019 by founders Michael Broughton and Ayush Jain the platform, dubbed Altro, was created to empower individuals to take control of their financial wellness. Through the app, users can cultivate credit through digital platforms they’re subscribed to, including Spotify, Apple Music, Netflix, HBO Max and an array of other services. The company links an individual’s recurring payment history to a trade line that is connected to the three credit bureaus.
Altro’s mission is rooted in the concept that access to credit should be free. “What we built is not an alternative or supplemental,” Broughton told the news outlet. “We’re not creating our own score, but rather it is a direct correlation to your actual score being improved over time, which a user can see in our app.” After the founders participated in a pitch competition in 2020, Marcy Venture Partners invested $250,000 into the digital platform. Altro raised $18 million during its Series A round. The company’s other investors include the SoftBank Opportunity Fund, Citigroup, the Concrete Rose Fund and the Black Capital Fund.
Altro plans to elevate its initiatives and expand its digital library of finance-focused content.
Jay-Z has invested in businesses and entrepreneurs who are transforming different industries. Among the companies included in the Marcy Venture Partners investment portfolio is the Black-owned cookie brand Partake Foods. Entrepreneur Denise Woodard founded the company after she struggled to find healthy snacks for her daughter who had several food allergies. Partake Foods products are sold in hundreds of stores including Wegmans and Whole Foods.
SEE ALSO:
Black Entrepreneur Receives $1 Million Investment From Jay-Z’s Venture Capital Fund