Grow Credit, the startup launched last year to help customers build their credit scores by providing credit lines for online subscriptions such as Spotify and Netflix, which added Mooker Labs as an investor and $ $ in total commitments. Closed his seed round with 2 million.
The Los Angeles startup founded by serial entrepreneur Joe Bayen was initially bootstrapped and then, according to Bayon, received funding from a clutch of core angel investors before signing an agreement with Mooker earlier this month.
Using Marqeta The platform, Grow Credit, can loan customers to expand its subscription services. Using mastercard Network for Payments, and Mercata’s tools to restrict payment access, provide credit facilities to its customers to pay for their monthly subscriptions. By using growth credit for those payments, users can improve their credit score by 61 points in nine months, says Bayen.
The company does not charge any fees for its loan, but users can upgrade their service. After a user connects their bank account, the starting level is free for access to $ 15. For a $ 4.99 monthly fee, customers can receive up to $ 50 of membership covered by the service. Bayen said the credit line increases to $ 150 for $ 9.99.
Beyen said that an increase in users’ credit scores, leasing agreements for cars, mortgages for homes and other rates on other credit cards can make a significant dent in their costs.
“Everything is cheaper, you can get access to credit cards with lower interest rates and better rewards.” he said. “We see ourselves as the best route to use the Apple card.”
Additional capital for the new round has come from individual investors such as DraftKings Chief Executive, Jason Robbins, Former National Football League Hall of Fame players Ronnie Lott, Sebastian Degui, VP of 3D at Adobe, Adobe and Mooker Labs.
Going forward, Creditit said that it is working with a very large consumer bank of America and it will launch with Android Version of tis app in a few weeks.