What Happened to RewardStock After the Shark Tank Pitch?
What is RewardStock?
RewardStock is a travel software that enables customers to earn and redeem airline miles and hotel travel points while also saving money on holiday bookings.
Revenue is generated via member subscriptions ($29).
While airline credit cards and mileage rewards programs are typically the best option for consumers who travel the same airline regularly, the majority of individuals do not use them.
RewardStock supports you in choosing the appropriate miles or points to use for a certain trip based on its genuine cash value.
They make money by charging a $10 service fee to organize your complimentary travel through them. At the moment, it is the only app of its kind.
Who is the Founder of RewardStock?
Jon Hayes, a Raleigh, North Carolina native and former Citigroup Wall Street investment banker, created the business.
Jon Hayes grew raised in Raleigh, North Carolina, attended Leesville Road High School, and then attended North Carolina School of Science and Mathematics for his post-secondary studies.
Hayes began his career as an investment banker on Wall Street in 2007 and used to travel regularly for business.
He was unaware of frequent traveller numbers at the time and did not use them on business travels.
The CEO of RewardStock previously believed that utilizing reward point systems was a waste of time, until he and his brother used them on a trip to South Africa.
As a consequence of his expertise, he saw the potential for them to earn a significant number of miles and points by participation in these incentive programs.
That trip opened his eyes, and he realized he could create computer software to aid travellers in maximizing reward programs through prudent credit card use.
He founded RewardStock in 2014 with one purpose in mind: to aid travellers in executing vacation plans utilizing reward points while also saving them money.
What Happened to RewardStock at the Shark Tank Pitch?
John approached Shark Tank with a $200,000 offer in return for a 5% ownership in his business. This corresponds to a $4 million valuation.
He recounts how he came up with the idea and then makes his presentation, which includes a detailed explanation of how everything works.
To conclude the pitch, two Hawaiian women approach and offer beverages and leis to the Sharks, while a Hawaiian man juggles a fire stick.
He does this to demonstrate to the Sharks that he obtained a round-trip airline ticket to Hawaii for only $16.
His approach assesses all potential holiday deals and determines the optimal vacation itinerary. They earn money by charging a $29 annual membership fee and referral fees when a customer makes a purchase.
In two years, he earned $50,000 from 10,000 users. This equates to $5 per subscriber in referral fees, which is one of their primary sources of revenue.
He contributed $20,000 of his own funds, and they collected $700,000 through the sale of a convertible note valued at $3.5 million.
Sara Blakely declines to enter into an immediate transaction, noting that this is not a particular passion of hers and that she is not passionate about investing in this business, and therefore she is out.
Lori Greiner expresses anxiety about the firm’s infancy. She’s exiting because she’s uncertain about her investment.
Barbara has opted to depart due to the low earnings.
Kevin is offering $200,000 in return for 10% of the business.
He conveys his feelings to Mark, who offers $320,000 for 10% and 1% advisory shares, respectively. This equates to a $3.2 million valuation.
Mark assures them that any issues with his convertible note will be resolved. John accepts the invitation.
What Happened to RewardStock After the Shark Tank Pitch?
Mark’s transaction has been finished. Experian acquired the company in November 2020 for an undisclosed value.
Mark, according to John, was instrumental in bringing the arrangement to fulfilment.
What is the Net Worth of RewardStock?
John approached Shark Tank with a $200,000 offer in return for a 5% ownership in his business. This corresponds to a 4 million dollar worth.
He accepted Mark’s offer of $3.2 million for his business.
Experian acquired the company in November 2020 for an undisclosed value.
Who are the Competitors of RewardStock?
There are no known competitors for RewardStock.
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RewardStock FAQS
What happened to Shark Tank’s RewardStock?
According to Hayes, this is because Experian acquired RewardStock.
The purchase finished early this year without disclosing the details, however Hayes called it as a “fantastic bargain for everyone concerned.”
Is it true that RewardStock got a deal on Shark Tank?
He exited the Tank with a $320,000 contract with billionaire Mark Cuban for 10% and 1% advisory shares, respectively.
Who purchased RewardStock?
Hayes sold RewardStock to Experian, one of the major credit reporting agencies in the United States, according to Hayes.
How do you make use of reward stocks?
Consider their Arguments, Apply their Points to their Balance; Points may be used for purchases directly or for gift cards; Purchase a magazine or newspaper subscription.
Consider making a charitable donation and conserving your reward points.
Advisory shares are a sort of stock that is often traded. This type of stock, referred to as adviser shares, is distributed to business consultants in exchange for their insight and expertise.
Frequently, advisors who receive this type of stock option reward are business founders or senior executives.
Is RewardStock any good?
RewardStock has an aesthetically pleasing interface that looks to have wowed reality television viewers and investors.
They were pleasantly surprised by the well-designed user interface after signing up for a premium account and logging in.
Is RewardStock still in business?
The money and appearance on the show drew a lot of attention to the business, which resulted in more investment from other investors.
Fortunately, RewardStock earned a reprieve in November 2020 when it was acquired by credit giant Experian for an undisclosed price.
Is it better to redeem points for cash or travel?
They are more likely to profit from a rewards card that offers points rather than cash back if they travel regularly.
If they dislike traveling or value simplicity and low annual fees, they may prefer a cash back credit card.
Who bought RewardStock?
Experian has acquired RewardStock, a Cary-based “Shark Tank” alum.
How do they make money?
Their money is generated by a $29 annual membership fee and referral payments earned when someone registers up for their services or purchases something.
Additionally, they gain money by charging a $10 charge to organize their complimentary travel through them.
What is RewardStock?
RewardStock is a free software that assists travellers in saving money on their next journey by directing them to the best rewards credit card and locating the lowest available flights.
Can they use RewardStock to plan an entire vacation for free?
Yes, you may utilize RewardStock to locate a low-cost airfare.
Who can use RewardStock?
This software is beneficial to everyone who enjoys traveling, appreciates discovering secret offers, and wants to save money on flights.
What are the strengths of RewardStock?
The app is free, simple to use, and includes the majority of the main travel credit cards, allowing users to choose the one that is most suited to their needs. The app is compatible with both Android and iOS devices.
What are the weaknesses of RewardStock?
There are a limited amount of bargains available and, unlike airlines on other travel apps, there is no VIP membership program.
