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🦄 Unicorner Startup of the Week: Perch Credit
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Announcement: We're back! Hope you're having a wonderful holiday season. From now on, we'll be sending you a rundown on a hot startup every Monday morning. Follow us on Twitter and LinkedIn for more updates!
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Build credit with recurring expenses
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Perch helps users build their credit score by logging recurring payments—like rent or online subscriptions—as credit history. The motivation to create Perch came from the difficulties many young adults face building credit (especially since many ways of building credit require you to already have a decent credit score). Perch looks to democratize access to credit and emphasizes the safe, fast, and free aspects of its service.
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💰 Business Model
The app is currently available for free to consumers through the iOS App Store. The company earns revenue through relationships with subscription services like Spotify, Netflix, and Chegg.
📈 Traction and Fundraising
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Launched their service on the iOS App Store less than two weeks ago, on December 15, 2020
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Took part in Y Combinator S20 batch
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Raised $2.5 million seed round with investors like Citigroup, Marcy Venture Partners, and more
👫 Founder(s)
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Ayush Jain, CTO: Previously AI @ Cape Analytics, CS & Applied Math @ USC
Just the phrase “credit score” causes stress for many people. Perch is tackling a common problem faced by students and young adults across the nation. In our opinion, Perch’s focus on building credit through recurring costs incurred through subscription services is a smart one since the vast majority of their targeted customers use apps like Netflix or Spotify. This is especially the case now when quarantine causes young adults to spend most of their time indoors and engage with these services.
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Made with 💜 by the Unicorner Team 🦄
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