- Perch, a Los Angeles, CA-based startup that provides an app for people to build credit through nontraditional payments, closed its $2.5m seed funding round
- Backers included Marcy Venture Partners, Citi, Softbank Opportunity Fund, Concrete Rose, and Village Capital
- The company intends to use the funds to continue to expand its reach
- Perch provides an app that allows users to build credit using the recurring expenses they are already paying for, such as Netflix, Hulu
- By using a person’s existing payments and subscriptions to demonstrate responsibility to U.S. credit bureau partners, Perch can establish a person’s credit history
- With the app, users can see an improvement in their credit score in less than 30 days compared to the typical 6-8 months it takes, on average
