StoreCash

StoreCash operates a cash back and payments mobile application. Users select a participating store in the app, enter the total purchase amount including discounts and taxes, and buy store credit for that amount through the app. The cash back reward is deposited instantly into the user's StoreCash account and can be applied to future purchases, while the purchase itself is completed in store or online by scanning a barcode or QR code, or entering a PIN, in the manner of a digital gift card. The company states it passes 100% of the affiliate commissions from its retailer partnerships to users rather than retaining a share, and that purchasing store credit through the app bypasses third-party processing fees.

The app supports both debit and credit cards and covers online and in-store shopping. Additional features include geolocation notifications when a user is near a participating store, reminders to use stored store cards held in the in-app wallet, non-expiring cash back offers that apply to an entire purchase rather than selected products, and the ability to stack cash back on top of store promotions and sales. The company advertises cash back of up to 15% at hundreds of major stores and a $20 sign-up bonus, and operates a support help center covering redemption, payout options and availability questions.

Founding story

Daricus Releford founded the company in 2019, citing the finding that about 56% of Americans have less than $1,000 in savings as motivation for building a tool to help average consumers accumulate savings through everyday spending.

Business model

StoreCash earns affiliate commissions through partnerships with retailers and brands, and states that it passes 100% of those commissions to users as cash back rather than retaining a cut. The company also integrates its API with fintech partners.

Retailer and brand affiliate partnerships underpin the model; the company reported surpassing $500,000 in annual recurring revenue as of November 2024.

Traction

As of November 2024 the company reported more than $500,000 in annual recurring revenue and over 15,000 new members added month over month, with adoption across retail brands including DoorDash, Uber, Hotels.com, Lowe's, Domino's, Gap, Ulta Beauty, Express, AMC Theatres and Michaels. At the time of its 43North win, the company reported retailer partnerships covering more than 200,000 locations, and the founder stated users earn roughly $900 annually through the app.

Latest developments

In November 2024 StoreCash closed a $3.7 million seed round led by Black Operator Ventures with participation from returning investors MaC Venture Capital, 43North, Alumni Ventures, Buffalo Angels, Popular Ventures and Mucker Capital, earmarked for expanding operations, app features, launch partnerships, product development and hiring. Investor commentary cited plans to add budgeting features to the product.