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Image Credits:Courtesy of Daricus Releford
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Daricus Releford always need to be a father .
In high school , he die hard a live dog station and in college launched a chocolate - overlay strawberry business , making meg in sales before moving to Silicon Valley to pursue his dreams in tech . Entrepreneurship simply bleed in his menage , he told TechCrunch . “ My grandfather was one of the first Black hotel owners in the U.S. , and my mom always start businesses . I think it ’s just in my blood , ” he continue .
It ’s no wonderment then , that no matter what tech task he took he always find himself going back to launch something novel . In 2020,he founded StoreCash , a roving payment solution that permit users pay for items and make maximum Johnny Cash - back rewards . He said he launched the company because he wanted to help people save more money .
Releford say StoreCash is dissimilar from its competitors because it transfer cash in back to consumers immediately , in comparability to others , which propose lower return key that also take longer to get to customer .
“ Knowing about 56 % of Americans have less than $ 1,000 in savings , I wanted to assist the ordinary American make generational wealth , ” he said . “ Now , StoreCash users earn around $ 900 annually just by using the app . ”
The app is quite unsubdivided : StoreCash integrate its API into fintech partner and alerts users when memory like H&M , Gap , or AMC Theatres declare oneself immediate payment back . When in soul , customers scan a QR code yield by the app that applies the Johnny Cash - back savings to their leverage . Online , a consumer only opens the StoreCash app and selects the store they want to shop at , manually typecast in the serial bit and barcode to complete the dealing .
Cash back is in the main earned through affiliate marketing , as seen with Rakuten ( formerly recognise as Ebates ) , or credit and debit entry card reinforcement , which are known to have hidden fee .
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The company has attracted some top investor and today denote the mop up of a $ 3.7 million semen round pass by Black Ops Ventures , with participation from returning investors MaC Venture Capital , 43North , and Alumni Ventures . The company has raised $ 6.4 million to day of the month .
“ The fintech space is ripe for a major player to take over with a self-coloured personal finance tool for consumers , ” Marlon Nichols , a co - father of MaC Venture Capital , told TechCrunch . “ Daricus and the team have prominent plans to summate budgeting features to make a real impact in avail people better track and organize their finance . ”
But fundraising was no simple feat for Releford . He used the phrase “ unconscious diagonal ” when asked how he would delineate his fundraising process . “ The unconscious process was brutal , taking about a year replete with ‘ nos ’ before thing start to align . ” He was infix to Nichols through Ethan Austin , a conductor in the Techstars program in which Releford participated . He gather James Norman from Black Ops after winning a pitch rival where Norman was a judge .
“ Winning the 43North pitch competition was a turn item , bringing more pending investor on board . ”
The fresh capital will go toward expanding product development and the squad .
