Jay-Z’s latest business venture is investing in the Perch Credit app. Per The Source, Perch’s purpose is to help underserved communities boost their credit scores.
This is done because Perch has joined forces with credit unions, and recurring payments for bills like rent and subscriptions like Netflix, Hulu, and Spotify will be reported to help build credit.
Last week, Michael Broughton, Perch Credit CEO, spoke to Yahoo Finance about Jay-Z signing on to join the company. He said, ” I came from a background where I was never even exposed to venture capital or working with investors. And it wasn’t until YC [YCombinator, an investor] 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.”
He also said, “And once I got that first check, it led to the second, which led to the third, which led to us, you know, just really capitalizing on all the opportunity and raising an awesome round so that we can help push this app out for millions of people down the line.”
Broughton was inspired to launch Perch Credit after spending most of his life overseas, which didn’t allow him to be exposed to venture capital. He hopes the app can help at least 100,000 people.