San Jose: StoreCash helps adults & teens without bank accounts to receive funds digitally

StoreCash: Venmo for the unbanked/underbanked during COVID-19

San Jose: As payment technology continues to rule the world, debit cards, credit cards, and even mobile devices are always close at hand, for most. But what about the people who don't have access to banks? Especially right now, with many banks closed or working on a limited capacity due to COVID-19 and the global pandemic? Venmo or Cash App are today's biggest payment apps to transfer funds digitally, but only for those who have bank accounts. During COVID-19, how can the unbanked receive funds digitally?

What is StoreCash?

StoreCash, a form of digital money, makes it easy for users to request, receive and instantly use digital funds directly from their phones that can be used in-store or online at retailers including but not limited to Amazon, Doordash, Target, Uber, Grubhub, CVS, Google Pay and iTunes plus over 200 other major retailers. 

How StoreCash was born:

StoreCash initially started as an opportunity to allow the 85 million unbanked/underbanked teens and adults in the U.S. to request and instantly receive funds from their phones, no bank account required. A common cause of everyday payment stressors trace back to the lack of access to traditional bank accounts and services. Daricus Releford, CEO of StoreCash,  started the company when his nephew asked for money and they realized he couldn’t receive the funds via Venmo/Cash App without a bank account. StoreCash has partnered with Western Union to help solve this problem. 

COVID-19- How are underbanked people being affected?

Pre-pandemic unbanked/underbanked turned to Western Union and similar type institutions traditionally for their money needs. However, many of those in-person services currently have limited availability that include substantial risk of traveling and receiving cash in terms of spreading germs and the COVID-19 virus. 

COVID-19- An Enterprise Solution: 

As many employees are now working from home during the pandemic, some companies are turning to StoreCash as a simple gesture to thank their employees, boost morale and send rewards/incentives during the pandemic. Employers send StoreCash to hundreds of employees in less than 5 minutes with just the recipient’s name, phone number or email, and the amount, and StoreCash handles the rest- saving employers time and money. 

COVID-19: How we are giving back:

As we all continue to navigate new normals of quarantine life, StoreCash is offering many incentives to go digital. 

- Now offering up to 10% cashback at food and other online retailers.

- Refer a friend to StoreCash and receive up to $10 to spend instantly! 

StoreCash has pledged to give away up to $15,000 to new users who sign up from May 11-22. Prizes will be awarded in increments of $1, $3, $25 and $100 in instant cash for over 200+ major retailers. 

About StoreCash

StoreCash recently closed its seed round with MaC Venture Capital leading and Western Union, Mucker Capital, Correlation Ventures, and Techstars also participating.

StoreCash founding team:

StoreCash was founded by Daricus, a serial entrepreneur who started his first business at age 12 (Check out his journey here). Daricus then started an online berry business called Twigedies Berries. With no funding,  he strategized free ways to market and made appearances in Kiplinger Magazine, Steve Harvey show, several other news outlets, and even almost landed his own reality show on TLC! Seeking funding and an expansion of the business, Daricus drove from Pennsylvania to Silicon Valley where he landed jobs at Apple, Facebook and Google. The berry business grew into a larger gifting company that ultimately gave birth to the idea of StoreCash. Daricus isn’t alone in this. StoreCash has an all-star founding team that makes it all possible. Sheetal is a super talented designer and Head of Design and Phani is the CTO who has 15 years of engineering expertise at Fortune 500 companies.

StoreCash recently closed its seed round with MaC Venture Capital leading and Western Union, Mucker Capital, Correlation Ventures, and Techstars also participating.