During the Season 10 of “Shark Tank,” Jonathan Hayes, the founder of RewardStock, pitched his travel rewards app to Shark Tank entrepreneurs. During the episode, he explained how the RewardStock app could help travelers make the most of their credit card points and frequent flyer miles. He sought a $320,000 investment for 10% of the company and was able to secure a deal with billionaire Mark Cuban.
The company offers an online platform for travelers that analyzes reward programs, tracks their best deals and suggests travel plans. It also tracks airline mileage in real time to help travelers use their points to book flights. It offers a variety of travel options, including 30 destinations and 35 points as a start. As of January 2019, RewardStock had received funding of $970,000. This is more than its estimated $4 million valuation.
The company has a unique business model. Rather than focusing on providing credit scores, RewardStock uses an algorithm to combine points and generate the best travel deal for users. The company earns money through a monthly subscription for members, which costs $29. The company also generates revenue through referral revenue from reward programs. In January 2019, RewardStock had over 5,000 users, earning the company $50,000 in its first two years. The company has since expanded its service to include an algorithm that combines points for discounts.
RewardStock is now being acquired by financial information company Experian. Experian, a major credit reporting company, will integrate the RewardStock technology into its platform. This deal allows the company to stay in business and continue to develop its technology. In addition to using Experian’s data, RewardStock will have access to more resources to leverage its data.
The company was initially started by Jonathan Hayes after he moved from New York City to Raleigh, NC, where he was living at the time. He was working at Citigroup Wall Street in investment banking. He was trying to save money on living expenses. He used his airline reward points strategically. He also used hotel reward points. In addition, Hayes had an affiliate relationship with credit card companies. He knew that many people were using their credit card points to buy things, and wanted to get them to use their reward points more wisely. He created an algorithm to find the best ways to use these points to get the best deals.
As a result of his success, Jonathan Hayes was invited to appear on the popular ABC show “Shark Tank,” where he pitched his travel rewards app to sharks. Kevin O’Leary, Barbara Corcoran, and Mark Cuban were invited to the show, and each weighed in on the app. Initially, the sharks had a difficult time with the business model of Rewardstock, and Kevin O’Leary dropped out of the show. However, he later came back. He invested in RewardStock, and the company has now been acquired by Experian.
Mark Cuban invested $320,000 for 10% of RewardStock, which valued the company at $3.2 million. The deal also allowed the RewardStock team to continue to develop their technology. It also gave the company publicity. Since the show, the company has gained exposure, and has increased its funding from other investors.