Photo Courtesy of Yahoo Finance
According to Yahoo finance, Perch Credit CEO Michael Broughton and CTO Ayush Jain founded the company in November 2019 and have already secured a $2.5 million investment to launch the app.
The app will allow credit unions to report rent and digital subscriptions like Netflix and Hulu– items that are typically recurring payments for customers to credit bureaus, which will boost users’ credit scores and build positive payment histories.
MVP will grant Perch Credit access to its free credit building and financial literacy content. MVP was launched by Jay-Z and Larry Marcus, a venture capitalist.
The news outlet openly discussed the current inequities regarding wealth distribution within the United States.
Yahoo also discussed the importance of an app like Perch Credit with Broughton.
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“What we’ve built at Perch is a simple mobile app that takes your common recurring expenses, just like you said, are your rent, your Netflix, your Hulu, your Spotify, and we turn them creditworthy,” the 22-year-old entrepreneur explained.
“We’re working with the bureaus to take these common data points and turn them into credit building pipelines for people who may not have access or just need to build their credit score over time. It’s super simple, super easy. And, of course, it’s free to use for anybody.”
Broughton also talked about securing Jay-Z as a key investor and what inspired Perch Credit.
“Yeah, definitely not easy. I came from a background where I was never even exposed to venture capital or working with investors. And it wasn’t until YC and meeting Michael that I really started learning how to get engaged, how to start talking to VCs and start raising capital. I got told no over 100 times before we got our first check.”