Daricus Releford has always harbored a dream of becoming a founder. In his high school days, he operated a hot dog station, and during college, he launched a chocolate-covered strawberry business, achieving millions in sales. He then moved to Silicon Valley to pursue his tech dreams. As he told TechCrunch, entrepreneurship seems to be in his blood. His grandfather was one of the first Black hotel owners in the US, and his mother was always starting businesses.

Unlock Financial Freedom with StoreCash

StoreCash: A Mobile Payment Solution

In 2020, Releford founded StoreCash, a mobile payment solution that enables users to pay for items and earn maximum cash-back rewards. He launched the company with the aim of helping people save more money. StoreCash is distinct from its competitors as it transfers cash back to consumers immediately. In contrast, other solutions offer lower returns and take longer to reach customers.Releford pointed out that knowing about 56% of Americans have less than $1,000 in savings, he wanted to assist the average American in building generational wealth. Currently, StoreCash users can earn around $900 annually just by using the app.The app's functionality is quite straightforward. It integrates its API into fintech partners and notifies users when stores like H&M, Gap, or AMC Theatres offer cash back. When shopping in person, customers scan a QR code generated by the app, which applies the cash-back savings to their purchase. Online, a consumer simply opens the StoreCash app, selects the store they want to shop at, and manually types in the serial number and barcode to complete the transaction.Cash back is mainly earned through affiliate marketing, similar to Rakuten (formerly known as Ebates), or credit and debit card rewards. However, these traditional methods often have hidden fees.The company has attracted top investors. Today, it announces the closing of a $3.7 million seed round led by Black Ops Ventures, with participation from returning investors MaC Venture Capital, 43North, and Alumni Ventures. To date, the company has raised $6.4 million.Marlon Nichols, a co-founder of MaC Venture Capital, stated that the fintech space is ripe for a major player to emerge with a solid personal finance tool for consumers. 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.However, fundraising was not an easy task for Releford. When asked about his fundraising process, he used the term "unconscious bias." He explained that it was a brutal process that took about a year filled with rejections before things started to fall into place. He was introduced to Nichols through Ethan Austin, a director in the Techstars program he participated in. He also met James Norman from Black Ops after winning a pitch competition where Norman was a judge. Winning the 43North pitch competition was a turning point, as it brought more potential investors on board.The fresh capital will be used to expand product development and the team. This will enable StoreCash to reach more users and offer more innovative features, further helping people manage their finances more effectively.