Daricus Releford always wanted to be a founder.
In high school, he ran a hot dog station and in college launched a chocolate-covered strawberry business, making millions in sales before moving to Silicon Valley to pursue his dreams in tech. Entrepreneurship simply runs in his family, he told TechCrunch. “My grandfather was one of the first Black hotel owners in the U.S., and my mom always started businesses. I think it’s just in my blood,” he continued.
It’s no wonder then, that no matter what tech job he took he always found himself going back to launching something new. In 2020, he founded StoreCash, a mobile payment solution that lets users pay for items and earn maximum cash-back rewards. He said he launched the company because he wanted to help people save more money.
Releford said StoreCash is different from its competitors because it transfers cash back to consumers immediately, in comparison to others which offer lower returns that also take longer to get to customers.
“Knowing about 56% of Americans have less than $1,000 in savings, I wanted to help the average American build generational wealth,” he said. “Now, StoreCash users earn around $900 annually just by using the app.”
The app is quite simple: StoreCash integrates its API into fintech partners and alerts users when stores like H&M Gap or AMC Theatres offer cash back. When in person, customers scan a QR code generated by the app that applies the cashback savings to their purchase. Online, a consumer simply opens the StoreCash app and selects the store they want to shop at, manually typing in the serial number and barcode to complete the transaction.
Cashback is mainly earned through affiliate marketing, as seen with 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 announces 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 a major player to take over with a solid personal finance tool for consumers,” Marlon Nichols, a co-founder of MaC Venture Capital, told TechCrunch. “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.”
But fundraising was no simple feat for Releford. He used the word “unconscious bias,” when asked how he would describe his fundraising process. “The process was brutal, taking about a year filled with ‘no’s’ before things started to align.” He was introduced to Nichols through Ethan Austin, a director in the TechStars program in which Releford participated. He met James Norman from BlackOps after winning a pitch competition where Norman was a judge.
“Winning the 43North pitch competition was a turning point, bringing more pending investors on board.”
The fresh capital will go toward expanding product development and the team.
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