May 21st 2024.
Michael Broughton is the founder of Altro, a credit-building app that helps diverse users improve their credit scores through everyday methods. The app simplifies the process of building credit and values the hustle of its members. Altro offers a unique opportunity for its users to boost their credit through recurring payments, such as subscription payments and rent checks, preparing them for bigger purchases like a home, car, or business loan. This mission is close to Broughton's heart, as he himself faced credit score challenges while pursuing his degree at USC. And he's not alone - historically, black individuals have been disenfranchised in the credit industry, facing discriminatory practices and higher interest rates in diverse communities.
In an Instagram post, Altro shared their founder's passion for changing lives and building something greater. Broughton believes that there are holes in the credit industry, and Altro is here to fill them. By offering a credit card and app, Altro creates a community dedicated to financial empowerment, with a particular focus on helping black individuals feel less burdened by their credit scores. Broughton's background in corporate, starting as a scout at Sequoia Capital, has given him a strong foundation in company development and financial strategy. And he's no stranger to success either - Forbes recognized him as part of their "30 under 30" class of 2023, highlighting his achievements in consumer tech and his ability to break barriers in credit score increases. With over $18 million raised, Broughton's vision for Altro is thriving.
However, Broughton's success didn't come without challenges. Ironically, his student loans jumpstarted his career. After missing a payment, he found himself with limited options to finance the rest of his education. This experience sparked his idea for Altro, and now he's helping others in similar situations. Broughton's impact goes beyond just his app - he also sits on the Board of Directors for USC's Credit Union, an organization that aims to uplift its members and help them achieve their financial goals. Broughton's dedication to breaking down financial barriers for underrepresented communities is evident in all aspects of his life.
Through Altro's Convos podcast, Broughton continues to elevate his app and its members by sharing their inspiring stories. And with backing from Jay-Z's Marcy Ventures, the sky's the limit for Altro and its vast community of goal-getters. In addition to his work with Altro, Broughton is also expanding the 'Pressed Roots' salon with a new location in Houston. His determination to make a positive impact in the financial world is truly commendable.
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