StoreCash Secures $3.7 Million in Seed Funding to Revolutionize Cash Back Rewards
From Entrepreneurial Roots to Fintech Pioneer
Daricus Releford, the founder of StoreCash, has always been driven by a passion for entrepreneurship. Growing up, he ran a hot dog station in high school and launched a chocolate-covered strawberry business in college, generating millions in sales before moving to Silicon Valley to pursue his dreams in tech. As he told TechCrunch, "Entrepreneurship simply runs in my family." His grandfather was one of the first Black hotel owners in the U.S., and his mom always started businesses. It’s no wonder that Releford found himself launching new ventures no matter what tech job he took.
The Birth of StoreCash
In 2020, Releford founded StoreCash, a mobile payment solution that lets users pay for items and earn maximum cash-back rewards. He launched the company because he wanted to help people save more money. As he explained, "Knowing about 56% of Americans have less than $1,000 in savings, I wanted to help the average American build generational wealth."
A Game-Changing Approach
StoreCash is different from its competitors because it transfers cash back to consumers immediately, unlike others that offer lower returns and longer wait times. The app integrates its API into fintech partners and alerts users when stores like H&M, Gap, or AMC Theatres offer cash back. When shopping in person, customers scan a QR code generated by the app that applies the cash-back savings to their purchase. Online, consumers simply open the StoreCash app and select the store they want to shop at, manually typing in the serial number and barcode to complete the transaction.
A Simple yet Effective Model
The company earns cash back mainly through affiliate marketing, similar to Rakuten (formerly known as Ebates), or credit and debit card rewards with hidden fees. By offering a seamless experience and competitive returns, StoreCash is poised to disrupt the cash back industry.
Attracting Top Investors
StoreCash has attracted some top investors, including Black Ops Ventures, MaC Venture Capital, 43North, and Alumni Ventures. The company recently closed a $3.7 million seed round led by Black Ops Ventures, with participation from returning investors. This brings StoreCash’s total funding to date to $6.4 million.
A Fintech Pioneer
As Marlon Nichols, a co-founder of MaC Venture Capital, noted, "The fintech space is ripe for a major player to take over with a solid personal finance tool for consumers." Daricus and the team have big plans to add budgeting features to make a real impact in helping people better track and organize their finances.
A Challenging Fundraising Process
However, fundraising was no simple feat for Releford. He described the process as "brutal," taking about a year filled with "nos" before things started to align. He credits his introduction to Nichols through Ethan Austin, a director in the Techstars program, and meeting James Norman from Black Ops after winning a pitch competition where Norman was a judge.
Winning the 43North Pitch Competition
The turning point came when Releford won the 43North pitch competition, bringing more pending investors on board. As he noted, "Winning that competition was a game-changer for me and StoreCash."
Expansion Plans
The fresh capital will go toward expanding product development and the team. With its innovative approach to cash back rewards and growing investor support, StoreCash is poised to revolutionize the fintech industry.
About StoreCash
StoreCash is a mobile payment solution that lets users pay for items and earn maximum cash-back rewards. The company offers a seamless experience with competitive returns, making it a game-changer in the cash back industry. With its innovative approach and growing investor support, StoreCash is poised to disrupt the fintech space.
About Daricus Releford
Daricus Releford is the founder of StoreCash. He has always been driven by a passion for entrepreneurship, starting with his hot dog station in high school and launching a chocolate-covered strawberry business in college. With his entrepreneurial roots and tech expertise, he is leading the charge to revolutionize cash back rewards.
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