Daricus Releford, a serial entrepreneur with a passion for innovation, has secured $3.7 million in seed funding for his mobile payment solution, StoreCash. The funding round, led by BlackOps Ventures and participated by MaC Venture Capital, 43North, and Alumni Ventures, brings the total raised to $6.4 million. StoreCash aims to revolutionize the fintech space by providing users with maximum cashback rewards and helping them build generational wealth.

Releford's entrepreneurial spirit was evident from a young age. He ran a hot dog station in high school and launched a successful chocolate-covered strawberry business in college, generating millions in sales. His family's entrepreneurial background, with his grandfather being one of the first Black hotel owners in the US and his mother starting various businesses, has instilled in him a passion for innovation and problem-solving.

StoreCash is designed to address the pressing issue of Americans' lack of savings. According to Releford, 56% of Americans have less than $1,000 in savings, and he wants to help change that. The app integrates its API into fintech partners and alerts users when stores like H&M, Gap, or AMC Theatres offer cashback rewards. Users can earn around $900 annually by using the app, which is a significant step towards building generational wealth.

The app's functionality is straightforward. When in-store, customers scan a QR code generated by the app to apply the cashback savings to their purchase. Online, users open the StoreCash app, select the store they want to shop at, and manually type in the serial number and barcode to complete the transaction. Cashback rewards are earned through affiliate marketing and credit/debit card rewards, which often come with hidden fees.

The funding will be used to expand product development and the team, with plans to add budgeting features to make a real impact in helping people better track and organize their finances. Marlon Nichols, co-founder of MaC Venture Capital, believes that the fintech space is ripe for a major player to take over with a solid personal finance tool for consumers, and StoreCash is well-positioned to fill that gap.

Releford's fundraising journey was not without its challenges. He described the process as "brutal," taking about a year filled with rejections before things started to align. He credits his participation in the TechStars program and winning the 43North pitch competition as turning points that brought more investors on board.

The success of StoreCash has significant implications for the fintech industry, which is ripe for disruption. With its innovative approach to cashback rewards and commitment to helping Americans build generational wealth, StoreCash is poised to make a real impact in the market. As the company continues to grow and expand its offerings, it will be exciting to see how it shapes the future of mobile payments and personal finance.