Rapper Jay-Z has invested in a new app called ‘Perch’. Perch is a Los Angeles-based credit building system aimed to help minorities boost their credit scores by reporting recurring expenses. According to the app’s website, Perch, which was founded by Michael Broughton and Ayush Jain, “allows users to log their recurring payments — such as subscriptions or rent — as credit history to improve their credit scores immediately.” Since being launched in 2019, the company has secured a $2.5 million investment.
Marcy Venture Projects (MVP), which was co-founded by Jay -Z, Jay Brown and venture capitalist Larry Marcus, will allow Perch access to free financial literacy and credit building content.
Broughton, 22, spoke about Perch Credit securing the co-sign from JAY-Z’s Marcy Venture Projects in an interview with Yahoo Finance. “Yeah, definitely not easy. I came from a background where I was never even exposed to venture capital or working with investors. And it wasn’t until YC 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.”