Grow Credit is a financial technology company founded in 2018, based in Santa Monica, California. It offers an innovative service aimed at helping individuals build or improve their credit scores through managing their subscription payments. With the Grow Credit Mastercard, users can pay for their monthly subscriptions, such as Netflix, Hulu, Spotify, and even cell phone bills, and these payments are reported to credit bureaus to help build credit history.
The service is designed to lower the barrier for millions of Americans who need to establish and build credit. It provides an interest-free virtual MasterCard that can be used to pay for recurring subscription services included in the user’s membership plan. The concept behind Grow Credit is to turn regular subscription payments into opportunities for credit building, making it a unique tool for those with no credit or thin credit files.
Grow Credit offers a free basic plan as well as paid premium plans that provide additional features, including discounts and a wider range of available services. The company’s approach allows users to leverage their existing subscription payments as a way to demonstrate financial responsibility and creditworthiness without the need to incur additional debt or face hard inquiries on their credit report.
By focusing on financial inclusion and offering a product that addresses the needs of individuals looking to establish or improve their credit scores, Grow Credit represents a novel solution within the fintech space. The company has garnered attention for its efforts to expand access to credit-building tools and has secured significant funding to support its mission.