StoreCash, a mobile payment and cash-back rewards app, has secured $3.7 million in seed funding, bringing its total funding to $6.4 million. The round was led by BlackOps Ventures, with participation from MaC Venture Capital, 43North, and Alumni Ventures.
Founded in 2020 by Daricus Releford, StoreCash aims to help consumers save money and build wealth by offering instant cash-back rewards. The app integrates with fintech partners and notifies users of cash-back offers at participating stores. Users can redeem rewards in-store via QR code scanning or online by manually entering product information.
Unlike competitors, StoreCash provides immediate cash back, with users reportedly earning an average of $900 annually. The funding will be used to expand product development and grow the team. Releford's entrepreneurial journey, inspired by his family's business background, led him to create StoreCash after recognizing the need for better personal finance tools. He overcame challenges during the fundraising process, highlighting the difficulties faced by underrepresented founders in securing capital. Winning a pitch competition proved to be a turning point in attracting investors.
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