Jay-Z Launches App Aimed At Boosting Credit For Minorities Using Monthly Subscriptions to Netflix & Hulu & More

Rap icon Jay Z’s venture capital firm Marcy Venture Partners (MVP) has helped L.A. based app Perch secure over $2.5 million in investments.The app connects with credit unions to quickly create a credit history by using recurring payments like your rent, Netflix, Hulu, Spotify, and other subscriptions to demonstrate financial responsibility. According to the apps creator users have seen improvements to their credit scores in less than 30 days while traditional methods like credit cards and loans could take up to 8 months to show results. MVP has also allowed users of Perch to use their free financial and educational tools.

The app allows you to go as far back as two years in reporting the rent you’ve paid by going through your bank and doesn’t require you to coordinate with your landlord like other similar services. This is a huge win for renters who in the past haven’t had their rent count toward a positive credit score, unlike mortgage payments. The Perch app launched in January and already has a growing waiting list of 1,000 a day and can be accessed via IOS and the best part is it’s free!

Jay-Z & Powerhouse Consultants CEO & Founder Daniel Davis

The app hopes to serve those who are having trouble creating credit history because of their age or other factors. “There are so many people who need access to credit–from young artists to aspiring entrepreneurs–we want to help enable these people in a modern, free and fast way.” says the 21 year old apps founder, Michael Broughton. He was inspired to create the app when he returned to the United States from overseas and found he was unfamiliar with a credit system that prevented him from accessing loans for his education at USC. “Too many 18-24-year-olds lack access to the right financial tools and the impact of this problem compounds for years, sometimes decades, into adulthood,” says Sean Mendy of the Concrete Rose, a capital investment firm that focuses on serving underrepresented communities. “The Perch team is building something exciting that will close this significant societal gap.”