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
RewardStock Shark Tank Updates
RewardStock is a travel rewards app that appeared on Shark Tank in Season 10 Episode 5. The founder, Jon Hayes, sought $200,000 for 5% of his business. Mark Cuban closed the deal, offering $320,000 for 10% equity and 1% advisory shares.
The app aggregates data from all available rewards programs and offers a cash value comparison. It collects $29 membership fees and referral revenue generated from encouraging users to sign up through various rewards programs.
RewardStock has since been acquired by Experian for an undisclosed amount. The acquisition was a 100% cash deal. CoFounders Capital invested a total of $590,000 in RewardStock. The app and website now redirect to the Experian website.
As of, there is no recent update on RewardStock’s current status. However, the app’s acquisition by Experian suggests that it is no longer operating as an independent company.
Summary Table of Rewardstock
|Purpose||To help travelers plan trips using reward points and save money|
|Revenue||$29 annual membership fee and referral fees|
|Shark Tank Pitch||Requested $200,000 for a 5% stake at a $4 million valuation; Mark Cuban offered $320,000 for a 10% stake and 1% advisory shares at a $3.2 million valuation|
|Net Worth||Estimated to be around $4 million at the time of the Shark Tank pitch; as of 2022, estimated to be around $10 million|
|Updates||Acquired by Experian for an undisclosed amount in November 2020; no longer operating as an independent company|
|Impact of Acquisition||Allowed RewardStock to continue to operate and grow under the umbrella of a larger financial services company, and allowed Experian to expand its offerings to include travel rewards optimization|
What Happened To RewardStock After Shark Tank?
RewardStock, a travel advisor mobile app, appeared on Shark Tank in Season 10 and secured a deal with Mark Cuban for $320,000 for 10% equity and 1% advisory shares.
The app helps travelers track and earn points with features like combining reward points to generate the best deal possible while traveling or booking accommodation.
After the show, RewardStock was acquired by credit giant Experian in November 2020 for an undisclosed amount in a full-cash deal. The Rewardstock website no longer exists and now redirects to Experian’s homepage.
The acquisition by Experian happened at a time when travel came to a grinding halt due to the COVID-19 pandemic. It is unclear whether RewardStock will continue to operate as a standalone app or if it will be integrated into Experian’s existing products and services.
However, it is clear that the acquisition has allowed RewardStock to continue to grow and thrive despite the challenges faced by the travel industry in recent years.
How Did The Acquisition By Experian Affect RewardStock?
The acquisition of RewardStock by Experian has allowed the company to continue to operate and grow under the umbrella of a larger financial services company. The acquisition has also allowed Experian to expand its offerings to include travel rewards optimization.
The financial details of the acquisition were not disclosed. The founder and CEO of RewardStock, Jonathan Hayes, has not publicly discussed the details of the acquisition. Overall, it seems that the acquisition has been positive for both RewardStock and Experian.”
What Was The Original Idea Behind RewardStock?
RewardStock is a startup founded by Jonathan Hayes in 2014 with the aim of creating a platform that functions as a “stock exchange” of airline, hotel, and credit card reward points.
The company aggregates data from all available rewards programs and offers a cash value comparison of each reward’s value. RewardStock analyzes whether it’s best for a traveler to pay cash or to use points for a given travel option, with values that fluctuate similarly to the stock market.
The company operates in two ways: it recommends specific cards and programs for those who haven’t signed up for a lot of credit cards or mileage programs based on their travel habits and for those who are already enrolled in programs, the algorithm analyzes and tracks their current programs.
Although RewardStock has faced challenges in implementing its business plan, it received recognition and investment from Dallas Mavericks owner Mark Cuban, who invested more than $300,000 in the company after Hayes appeared on ABC-TV’s “Shark Tank.”
What Was The Shark Tank Investors’ Reaction To RewardStock?
RewardStock, a travel company that helps travelers track and earn points, appeared on Shark Tank seeking an investment of $200,000 for a 5% share in the equity of the company. The suggested valuation of $4 million raised concerns among the sharks.
However, two of the sharks were still interested in investing in the company. Dallas Mavericks owner Mark Cuban invested more than $300,000 in RewardStock after the show. Three days after the episode aired, the investment was official.
It is unclear what the sharks’ overall reaction to RewardStock was, as there were concerns about the company’s valuation but two of the sharks were still interested in investing.
However, the fact that Mark Cuban invested in the company suggests that at least one of the sharks saw potential in RewardStock. After the show, RewardStock was acquired by Experian in a full-cash deal for an undisclosed amount. The app and website now redirect to the Experian website
What Is The Concept Behind RewardStock?
RewardStock is an automated travel service that helps users plan their next vacation at a fraction of the cost by using their credit card reward points.
The company was founded in 2014 by Jon Hayes. RewardStock aggregates data from all available rewards programs, including airline, hotel, and credit card reward points, and offers a cash value comparison of each reward’s value.
These values fluctuate, much like the stock market, and RewardStock analyzes whether it’s best for a traveler to pay cash or to use points for a given travel option.
RewardStock works in two ways. For someone who hasn’t signed up for a lot of credit cards or mileage programs, it asks about their travel habits and recommends specific cards and programs.
For people who are already enrolled in programs, they enter their information and the algorithm analyzes and tracks their rewards through them. RewardStock is the only app of its kind right now.
RewardStock faced challenges in implementing the practicability of the business plan. While the service offers free information on reward deals and provides tips on how to earn and spend points, it also offers a membership for $29 per year that includes additional features.
However, the service is limited to residents of the United States and only supports 35 points of loyalty programs.
What Was Mark Cuban’s Investment In RewardStock?
Mark Cuban invested $320,000 plus 1% in advisory shares for 10% of RewardStock on the TV show Shark Tank. The deal was accepted by RewardStock CEO Jon Hayes. The investment was officially confirmed three days after the episode aired.
What Was The Reason Behind Experian’s Acquisition Of RewardStock?
Experian’s acquisition of RewardStock was aimed at leveraging data into advice for people. RewardStock helped its users make the best use of their frequent flyer points, hotel, and credit card reward points.
The acquisition allowed RewardStock to keep working on its technology, even as it was integrated into Experian.
A partner at CoFounder’s Capital, an early investor in RewardStock, the sale was not huge, but it was a solid base hit, delivering a good return to CoFounder’s investors, RewardStock employees, and himself. The actual financial details of the purchase were not disclosed.
Jonathan Hayes, founder, and CEO of RewardStock, had great timing in selling the company to Experian.
The acquisition happened before the COVID-19 pandemic shutdown, which would have been a struggle for a startup like RewardStock. Experian is a large company that takes the long view, and losing a month of sales would not be devastating.
What Was The Original Deal Of RewardStock With Mark Cuban?
Jon Hayes, the founder of RewardStock, pitched his travel app on Season 10 of Shark Tank, seeking an investment of $200,000 in exchange for 5% equity.
Mark Cuban offered $320,000 for 10% equity and 1% advisory shares, which Hayes accepted. The deal with Cuban was closed, and he provided valuable advice to Hayes.
RewardStock is a travel app that helps customers redeem airmiles and hotel travel points and save money when booking trips.
The app allows customers to log in and create a profile of where and what they’d like to do while also linking their rewards accounts to RewardStock’s platform.
When a user sees a redemption they would like to go after, RewardStock executes the necessary trades between miles and point systems to get the best deal possible.
The business plan for RewardStock is two-fold, the first is to charge a $ 29-a-year membership to users of the service. The second is to charge other services referral fees for placed advertisements.
RewardStock was later sold to Experian, one of the largest credit-reporting companies in the U.S. The exact financial details of the sale were not revealed, but CoFounders Capital invested a total of $590,000 in the company, and founder Jason Gardner confirmed that the sale delivered a solid return to investors and employees, although it was not a huge sale.
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?