By Tamantha Gunn Feb 25, 2021, 5:39pm EST
JAY-Z is continuing to help minority communities advance financially.
The Reasonable Doubt emcee has become a key investor in the Perch Credit App, which aims to boost the credit scores of those in underserving communities. 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 Jigga, Jay Brown and venture capitalist Larry Marcus, will allow Perch access to free financial literacy and credit building content.
Broughton spoke to Yahoo! Finance about how difficult it was to get to a point of getting top investors, such as JAY-Z. “Yeah, definitely not easy,” 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 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 continued, “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. So, I completely agree with Michael’s statement. Investors being just in line and just knowing the importance of investing in Black founders really makes a big difference for accessibility across the board for everybody.”
Earlier this week, REVOLT reported that the Brooklyn emcee sold 50 percent of his stake in Ace of Spades to LVMH. JAY said the deal will take his champagne to “the next level of taste and distribution.”
He also teamed up with Twitter CEO Jack Dorsey to launch a $24 million fund to create Bitcoin in India and Africa. The two billionaires plan to put 500 BTC towards a new endowment called ₿trust and are currently looking for board members to join the “blind irrevocable trust.”