RewardStock Shark Tank Update | RewardStock after the Shark Tank Pitch
What is RewardStock?
RewardStock is a travel app that allows clients to redeem air miles and hotel travel points while also saving money while booking vacations.
Member subscriptions ($29) generate revenue.
Former Citigroup Wall Street investment banker Jon Hayes of Raleigh, North Carolina, founded the firm.
Jon Hayes grew up in Raleigh, NC, attended Leesville Road High School, and then pursued his further education degree at North Carolina School of Science and Math.
Hayes began his work as a Wall Street investment banker in 2007 and used to travel extensively on business trips.
He didn’t pay attention to frequent traveller numbers at the time and didn’t utilize them when travelling on work trips.
The CEO of RewardStock always felt that using reward point systems was a waste of time, until they utilized them while travelling to South Africa with his brother.
As a result of his experience, he understood that they might earn a lot of miles and points by participating in these incentive programs.
That trip opened his eyes, and he recognized he might develop computer software to assist travellers in taking advantage of reward programs through the judicious use of credit cards.
In 2014, he established RewardStock with one goal in mind: to assist passengers execute trip plans using reward points while saving them money in the process.
Who Founded RewardStock?
John Hayes is the founder of the RewardStock.
What happen to RewardStock at the Shark Tank Pitch?
The airline credit card and mileage rewards are frequently the best bet for consumers who mostly fly the same airline, but most people don’t utilize them.
RewardStock assists you in determining which miles or points to utilize for any particular trip based on their true cash worth.
They earn money by charging a fee of $10 to arrange your free journey through them. It is currently the only app of its sort.
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 describes how he came up with the idea and then presents his pitch, detailing how everything works.
To end the pitch, two Hawaiian women enter and offer the Sharks drinks and leis while a Hawaiian man juggles a fire stick.
He does this to show the Sharks that he secured a round-trip airfare to Hawaii for $16.
His method evaluates all prospective bargains and determines the best way to schedule a vacation. They generate money by charging a $29 membership fee each year and referral fees when a client purchases something.
He’s made $50,000 on 10,000 users in two years. This corresponds to $5 per user for referral fees, which is one of their key revenue sources.
He put up $20,000 of his own money, and they raised $700,000 with a convertible note at a price of $3.5 million.
Sara Blakely rejects to make a transaction right away, stating that this is not a particular passion of hers and that she does not feel passionately about investing in this firm, therefore she’s out.
Lori Greiner is concerned that the firm is still in its infancy. She’s out because she’s not sure in her investment.
Barbara is concerned about the poor revenue and has decided to leave.
Kevin offers $200,000 in exchange for 10%.
He expresses his sentiments to Mark, and Mark offers $320,000 for 10% and 1% advisory shares. This implies a valuation of $3.2 million.
Mark promises that they will resolve any concerns with his convertible note. John accepts the offer.
RewardStock after the Shark Tank Pitch
The transaction with Mark was completed. Experian purchased the firm for an unknown sum in November 2020.
According to John, Mark played a significant role in bringing the agreement to fruition.
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?