RewardStock Shark Tank Net Worth 2023
RewardStock Shark Tank Net Worth
RewardStock is a company founded by Jonathan Hayes that helps people make the most of their airline and hotel reward points.
At the time, RewardStock had made $50,000 in two years after its launch from just 10,000 users and had an estimated net worth of $4 million.
As of 2022, RewardStock’s net worth was estimated to be around $10 million.
The company has continued to grow since its appearance on Shark Tank and has become a viable solution for people to make the most of all their miles.
What is RewardStock? Who Founded RewardStock?
RewardStock is a travel application that enables its users to utilize air miles and hotel travel points for booking vacations and also save money in the process. The company generates revenue through member subscriptions, which are priced at $29.
The founder of RewardStock, Jon Hayes, is a former Citigroup Wall Street investment banker from Raleigh, North Carolina.
He attended Leesville Road High School and later pursued his further education at North Carolina School of Science and Math.
During his time as an investment banker, Hayes traveled extensively for work but did not pay attention to frequent traveler numbers or utilize reward point systems.
However, his perspective changed when he traveled to South Africa with his brother and realized the potential benefits of participating in these incentive programs.
This experience led him to develop computer software that could assist travelers in optimizing their reward programs by using credit cards judiciously.
In 2014, Hayes founded RewardStock with the goal of helping travelers plan their trips using reward points while saving money in the process.
RewardStock Shark Tank Pitch
Many consumers who frequently fly with the same airline could benefit from using airline credit cards and mileage rewards, but many don’t take advantage of them.
However, RewardStock offers a unique solution by helping travelers determine the most valuable miles or points to use for a particular trip.
The company charges a $10 fee to arrange a free journey through their app, which is currently the only one of its kind.
During his pitch on Shark Tank, John requested $200,000 in exchange for a 5% stake in his company, valuing it at $4 million.
He explained his idea and how the app works, and to impress the Sharks, he brought in Hawaiian performers and showcased his method by securing a round-trip airfare to Hawaii for just $16.
The company generates revenue by charging a $29 annual membership fee and earning referral fees when clients purchase travel.
Despite only making $50,000 in referral fees over two years, John raised $700,000 through a convertible note with a $3.5 million valuation, putting in $20,000 of his own money.
Although Sara Blakely and Lori Greiner declined to invest, Kevin offered $200,000 for a 10% stake. Mark then offered $320,000 for the same stake plus 1% in advisory shares, with a $3.2 million valuation.
John accepted Mark’s offer, and with his help, the company was sold to Experian in November 2020. John credited Mark for playing a significant role in finalizing the deal.
RewardStock Net Worth
John approaches Shark Tank with a request for $200,000 in exchange for a 5% stake in his company. This indicates a 4 million value. He accepted an offer from Mark that values his business at $3.2 million.
There are no competitors identified for RewardStock
What happened to Shark Tank’s RewardStock?
According to Hayes, this is because RewardStock was purchased by financial information behemoth Experian.
The transaction was completed earlier this year, and the terms were not disclosed, though Hayes described it as a “great deal for everyone involved.”
Is it true that RewardStock got a deal on Shark Tank?
He left the Tank with a deal with billionaire Mark Cuban: $320,000 for 10% and 1% advisory shares, respectively.
Who purchased RewardStock?
According to Hayes, he sold RewardStock to Experian, one of the largest credit-reporting companies in the United States.
How do you make use of reward stocks?
Take Stock of their Points, Apply their Points to their Balance, Points can be redeemed directly for purchases, or points or miles can be exchanged for gift cards, Obtain a subscription to a magazine or newspaper. Consider donating to charity and saving their reward points.
What exactly is an advisory share?
Advisory shares are a frequent type of stock. This sort of stock, also known as adviser shares, is offered to business consultants in return for their insight and skills.
Advisors who earn this form of stock option award are frequently firm founders or high-level executives.
Is RewardStock any good?
RewardStock offers a visually appealing interface that appears to have impressed reality TV fans and investors.
They was delighted with the well-designed UI after signing up for the premium account and logging in.
Is RewardStock still in business?
The money and presence on the show garnered the firm a lot of attention and, as a result, further funding from other investors.
Fortunately, RewardStock received a break in November 2020 when it was bought for an unknown sum by credit behemoth Experian.
Is it better to redeem points for cash or travel?
If they travel frequently, they’re more likely to benefit from a rewards card that gives points rather than cash back.
If they don’t like to travel or value simplicity and minimal annual fees, a cash back credit card may be a better option for them.
Who bought RewardStock?
RewardStock, a Cary-based “Shark Tank” alum, has been bought by credit reporting giant Experian.
How do they make money?
Their revenue comes from a yearly membership fee of $29 and referral fees when someone signs up for their services or buys something.
They also earn money by charging a fee of $10 to arrange their free journey through them.
What is RewardStock?
RewardStock is a free app that helps them save money on their next flight by pointing them toward the best rewards credit card and finding the cheapest flights available.
Can they use RewardStock to plan an entire vacation for free?
Yes, it’s possible to use RewardStock to find a cheap flight.
Who is it best for?
Anyone who likes to travel, enjoys finding hidden deals and wants to save on flights can benefit from this app.
What are the strengths of RewardStock?
The app is free, easy to use and contains most of the major travel credit cards so they can pick the best one for their needs. The app is available for both Android and iOS platforms.
What are the weaknesses of RewardStock?
There’s only a limited number of deals and there’s no VIP membership program, unlike airlines on other travel apps.
What is the net worth of Jon Hayes?