Broughton’s Altro App helps users build their credit through recurring payments for common expenses.
Michael Broughton founded Altro as a way for diverse users to build credit through everyday methods. The Altro app users can improve their credit scores through recurring payments.
Through Altro, which translates to “other,” credit is simplified, and your hustle matters. Their members can use subscription payments or rent checks to boost their credit and prepare for even bigger purchases, such as a home, car, or business loan.
Altro’s mission of making every payment count is dear to Broughton, who himself experienced credit score woes while pursuing his degree at USC. Black people are also historically disenfranchised when it comes to credit, with discriminatory practices leading to higher interest rates in diverse communities, per U.S. News.
“There are holes in the credit industry. We’re in the business of changing lives and building something greater,” stated Broughton on his website.
Broughton hopes that Altro will help Black people feel less burdened by credit scores. By obtaining an Altro credit card and downloading its app, users can join a community dedicated to financial empowerment.
Get to know the founder and CEO of the innovative credit-building app.
Started in Corporate Before Creating His Own Bag.
Broughton first got his start as a scout at Sequoia Capital. The venture capital firm has aided and invested in numerous companies from the initial seed round to growth stages. There, Broughton learned the ins and outs of company development and financial strategy.
A Forbes “30 Under 30” Alum.
Ironically, Student Loans Jumpstarted His Career.
Broughton got an unusual start to his business endeavor, taking a stressful experience and turning it into a fruitful opportunity. His vision to ease the woes of credit scores stemmed from a missed student loan payment, which left him with limited ways to finance the rest of his education. That problem led him to destiny, with Altro now helping others in similar financial situations.
Now on the Credit Union Board of Directors for His Alma Mater.
Through his success, Broughton now sits on the Board of Directors for USC’s Credit Union. The not-for-profit cooperative aims to uplift its members to achieve their financial goals within and beyond their community.
He’s Breaking Down Financial Barriers For Underrepresented Communities.
Broughton continues to elevate Altro and its members by sharing their stories through the app’s Convos podcast. Originally Backed by Jay-Z’s Marcy Ventures, the sky is the limit for Altro and its vast community of goal-getters.
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Source: Black Enterprise
