Altro, a transformative credit-building app, has announced a significant expansion and has now spread its services to 47 U.S. states.
This expansion is powered by a strategic $4m funding round, which includes investment from high-profile figures such as Tinashe and Chris Paul. Altro’s services are facilitated by Hatch Bank and are supported by the Discover® Global Network.
Founded in 2019, Altro is on a mission to empower individuals financially, irrespective of their credit history. Initially available in just 10 states, the app’s reach has now been extended to 47 states, marking a significant milestone in its goal to democratize credit-building. The app also boasts of its latest version, Altro: Culture & Finance, which integrates a wider range of features to guide users through various aspects of their financial journey. Altro’s membership model is designed to enhance financial literacy by offering access to discussions on culture and finance, and opportunities for networking and financial education.
The newly raised funds are earmarked for several pivotal projects, including the launch of the Altro Credit Builder Card and the latest app version, aimed at facilitating an inclusive financial ecosystem. The Credit Builder Card, available to Premium members without the need for credit approval, is specifically designed for digital and streaming subscriptions, supporting those new to credit or looking to rebuild their financial standing.
“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,” Altro founder and CEO, Michael Broughton said. “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.”
NBA All-Star and entrepreneur, Chris Paul, shared his enthusiasm for the partnership, highlighting the importance of creating equitable financial solutions. “Solutions for financial stability are extremely important to level the playing field for the people who have often been left behind,” he said. “I’m excited to partner with Altro to create an answer.”
To date, Altro has successfully raised $22m, showcasing a strong vote of confidence from the investment community in its innovative approach to financial inclusion and empowerment.
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