Daricus Releford always wanted to be a founder.
He ran a hot dog station in high school, started a chocolate-covered strawberry business in college that generated millions of dollars in sales, and then moved to Silicon Valley to pursue his dreams in technology. I did. Entrepreneurship just runs in his family, he told TechCrunch. “My grandfather was one of the first black hotel owners in America, and my mother was always starting businesses. I think it's in my blood,” he continued.
So it's no wonder that no matter what tech job he takes, he always comes back to launching something new. In 2020, we founded StoreCash, a mobile payment solution that allows users to pay for products and earn maximum cashback rewards. He said he started the company because he wanted to help people save more money.
Releford said StoreCash is different from its competitors because it transfers cash to consumers instantly, compared to other companies that offer lower redemption rates and take longer to reach customers.
“We know that approximately 56% of Americans have less than $1,000 in savings, so we wanted to help average Americans build intergenerational wealth,” he said. “Currently, StoreCash users earn approximately $900 per year just by using the app.”
The app is very simple. StoreCash integrates its API with fintech partners and alerts users when stores like H&M Gap and AMC Theaters offer cash back. When visiting in-person, customers scan a QR code generated by the app and cashback savings are applied to their purchases. Online, consumers simply open the StoreCash app, select the store they want to shop at, and complete the transaction by manually entering their serial number and barcode.
Cashback is primarily earned through affiliate marketing, such as Rakuten (formerly known as Ebates), or credit and debit card rewards, which are known to have hidden fees.
The company has attracted some top investors and today announced the closing of a $3.7 million seed round led by BlackOps Ventures, with participation from returning investors MaC Venture Capital, 43North, and Alumni Ventures. The company has raised $6.4 million to date.
“The fintech space is ripe for big players to take over with solid personal finance tools for consumers,” Marlon Nichols, co-founder of MaC Venture Capital, told TechCrunch. “Daricus and the team have big plans to add budgeting features that make a real impact so people can better track and organize their finances.”
But raising money wasn't easy for Releford. When asked how he would describe his fundraising process, he used the term “unconscious bias.” “The process was brutal, and it took about a year of 'no's' before things started to align.” He was introduced to Nichols through Ethan Austin, director of the TechStars program that Releford attended. I did. He met James Norman of BlackOps after winning a pitch contest for which Norman was a judge.
“Winning the 43North Pitch Competition was a turning point and brought more pending investors on board.”
The new funding will be used for product development and team expansion.