StoreCash Secures $3.7M For Its Cash Back App
New York-based fintech startup StoreCash has raised $3.7 million in a seed funding round led by Black Operator Ventures, with participation from notable investors like MaC Venture Capital, 43North, Alumni Ventures, and others.
This brings StoreCash’s total funding to $6.4 million since its founding in 2019.
Instant Cash Back Rewards
Founded by Daricus Releford, StoreCash is a mobile app that helps users earn immediate cash-back rewards when shopping at brands such as Gap, H&M, and AMC Theatres, offering users an average of $900 annually.
The app integrates its API with fintech partners and alerts users to cash-back opportunities.
Shoppers can scan a QR code in-store or manually input codes for online purchases, making it a simple yet impactful tool for saving.
“Knowing about 56% of Americans have less than $1,000 in savings, I wanted to help the average American save and grow their finances,” Releford explained.
Raising funds in a challenging climate
The funding will enable StoreCash to enhance its cash-back platform, expand app features, and develop new partnerships with major retailers.
Raising funds in the current economic climate wasn’t easy. Releford described the process as challenging, with many rejections before things aligned.
Key milestones, such as winning the 43North pitch competition, played a key role in attracting investors.
The new capital will support StoreCash’s plans to expand product offerings, including budgeting and tracking features, to further empower users in managing their finances.
StoreCash has already partnered with over 200,000 retailer locations and achieved $500,000 in annual recurring revenue.
Feature Image Credit: Buffalo Business First
