StoreCash, a cashback and financial mobile application company, announced the close of a $3.7 million seed round led by Black Operator Ventures (Black Ops). Returning investors MaC Venture Capital (MaC VC), 43North, Alumni Ventures, Buffalo Angels, Popular Ventures, and Mucker Capital participated.
The seed funding round, in addition to a previous $2.7 million pre-seed led by MaC VC, brings StoreCash’s total funding to $6.4 million. The latest funding will fuel StoreCash’s mission to transform the cash-back industry by instantly offering consumers unprecedented earning potential. Along with the recent funding, StoreCash has reached over $500,000 in Annual Recurring Revenue (ARR) and is seeing 15,000+ new members monthly.
StoreCash’s mobile payment solution helps users pay cheaply and easily via QR codes while earning maximum cash back at their favorite stores. And StoreCash challenges the traditional cashback model by passing along 100% of affiliate commissions directly to users, eliminating the hidden fees and limitations imposed by competitors. This unique approach empowers users to maximize their savings and break free from the constraints of traditional cashback platforms.
StoreCash’s subscription model has resonated strongly with consumers, brands and investors alike. And the company has seen adoption by top retail brands, including DoorDash, Uber, Hotels.com Lowe’s, Domino’s, Gap, Ulta Beauty, Express, AMC Theaters and Michaels, to mention a few. StoreCash’s rapid growth and positive user feedback demonstrate the significant market demand for a cashback platform that truly prioritizes the user’s benefit.
KEY QUOTES:
“This funding comes at an exciting time of growth for the company. Consumers are looking for ways to get the most out of their spending dollars, and this investment will allow us to accelerate our growth, expand our reach and serve even more consumers by putting more cash in their pockets. Our mission is to empower individuals to take control and organize their finances while unlocking their full cashback potential. By disrupting the cashback industry, we’re creating a more equitable and transparent financial landscape.”
– Daricus Releford, Founder and CEO of StoreCash
“When we see a talented, resilient founder like Daricus solving a big problem, we lean in. While StoreCash’s fintech solution is already helping tens of thousands of consumers save money daily, the company’s vision goes so much further than what can be seen today. We are excited to partner with the team as they continue building a business poised to have a profound impact on the way that Americans shop.”
– James Norman, Black Ops VC Managing Partner
“We see tremendous opportunity in our partnership with StoreCash and are thrilled to have them in the 43North family. Their innovative approach to financial solutions is set to disrupt the industry while empowering underrepresented communities, and with Buffalo already one of their biggest markets, we’re excited to help them expand their established footprint. We look forward to supporting their growth as they scale locally and nationwide.”
– Colleen E. Heidinger, President, 43North
