Fintech start-up StellarFi has announced the launch of its credit-building web app in the US.

StellarFi says that using its new platform, Americans can build their credit rating just by paying everyday bills, such as rent and utilities.

The firm claims to be the only app that reports all bill payments directly to Experian, TransUnion and Equifax and has over 40,000 people signed up on its waitlist.

Members will be able to access the StellarFi web app on mobile and computer devices, with the mobile app due to roll out later in the year.

StellarFi says it aims to “disrupt the US poverty cycle” by helping people take control of their financial journeys, achieve their financial goals and help improve financial literacy.

Members are not required to have a credit history to use StellarFi. The company also requires no deposits, has no interest and provides “easy membership approval”.

“StellarFi prides itself on accessibility: there are no credit checks and no interest rates,” says Lamine Zarrad, StellarFi founder and CEO.

“StellarFi doesn’t assume people have the extra money to take on debt through secured loans. We’re solving the credit paradox of needing credit to obtain credit by paying and reporting household bills.”

The platform also provides members with expert-led financial education through its blog and through the company’s partnership with the National Foundation for Credit Counseling (NFCC) in Washington, DC, which provides free financial counseling.