What is RewardStock? RewardStock is a travel rewards app that helps users manage and redeem their airline miles and hotel points to get the best deals on flights, hotels, and other travel expenses. It was featured on Season 10 of Shark Tank, where the founder, Jon Hayes, secured a deal with Mark Cuban.
Summary
- RewardStock, a travel rewards app, was pitched on Shark Tank Season 10 by founder Jon Hayes.
- Hayes secured a deal with Mark Cuban for $320,000 for 10% equity + 1% advisory shares.
- The app helped users manage and maximize their travel reward points.
- RewardStock was later sold to Experian in November 2020.
- The sale amount was not disclosed, but it was an all-cash deal.
RewardStock Shark Tank Update | Shark Tank Season 10
What is RewardStock?
RewardStock was a helpful tool for travelers. It was an app that helped people get the most out of their airline miles and hotel points.
Many people collect these points but have trouble using them. RewardStock made it easier to find good deals on flights and hotels by using these points.
The Story Behind RewardStock
Jon Hayes, the founder of RewardStock, came up with the idea after his honeymoon. He and his wife were able to take a luxurious trip at a fraction of the cost by using their travel rewards wisely.
He realized that many others could benefit from a tool that simplifies the process of managing and redeeming reward points. This led him to create RewardStock.
RewardStock on Shark Tank
1. Jon Hayes’ Pitch
Jon Hayes appeared on Season 10 of Shark Tank to seek an investment in RewardStock. He hoped the Sharks would see the value in his app and help him grow the business.
Here’s a breakdown of his pitch:
| Entrepreneur | Jon Hayes |
|---|---|
| Business | Travel rewards app |
| Ask | $200,000 for 5% equity |
| Deal | $320,000 for 10% equity + 1% advisory shares |
| Sharks | Mark Cuban |
| Season – Episode | Season 10 – Episode 10 |
| Original Air Date | November 11, 2018 |
| Website | RewardStock |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. The Sharks’ Offers
Not all the Sharks were impressed with RewardStock. Some felt the company was too young and didn’t have enough sales.
- Mark Cuban: Offered $320,000 for 10% equity plus 1% in advisory shares.
- Kevin O’Leary: Offered $200,000 for 10% equity.
- Sara Blakely, Lori Greiner, and Barbara Corcoran: Declined to make an offer.
3. The Deal with Mark Cuban
Jon Hayes ultimately accepted Mark Cuban’s offer. Cuban’s investment and expertise were valuable to RewardStock.
This partnership gave RewardStock credibility and helped it reach a wider audience.
RewardStock After Shark Tank
1. The Experian Acquisition
Things took an interesting turn for RewardStock after their Shark Tank appearance. In November 2020, the company was acquired by Experian. Experian is a large company that focuses on consumer credit reporting and financial data.
While the exact details of the sale were not made public, we do know it was an all-cash deal. This likely means a good outcome for Jon Hayes and Mark Cuban.
It seems they decided that selling to Experian was the best way to grow RewardStock and reach more users.
2. The Aftermath of the Sale
After the acquisition, RewardStock was integrated into Experian’s suite of services. Unfortunately, this meant the end of RewardStock as a standalone brand. The app and website were shut down.
It’s unclear exactly how Experian is using RewardStock’s technology. It’s possible they are using it to enhance their existing products or create new ones.
While it’s sad that RewardStock is no longer available, its journey shows how a good idea, hard work, and the right partnerships can lead to success. Even though the app itself is gone, its impact on the travel rewards landscape is undeniable.
What Happened to RewardStock?
RewardStock had a promising start. It gained popularity after appearing on Shark Tank and securing Mark Cuban as an investor. The app helped many people make the most of their travel rewards.
However, the travel industry changed a lot in recent years. The COVID-19 pandemic caused major disruptions. This likely made it harder for RewardStock to grow.
Ultimately, the company was sold to Experian in 2020. This was probably a good decision for the founders and investors. But it meant the end of RewardStock as a separate service.
Is RewardStock Still Available?
Unfortunately, no. RewardStock is no longer available. Experian acquired the company and shut down the app and website.
If you’re looking for ways to manage your travel rewards, there are other options available. Many airlines and hotels have their own programs to help you track and redeem points. You can also find other apps and websites that offer similar services to what RewardStock provided.
While RewardStock is gone, it played a role in making travel rewards more accessible to people. It showed that there was a need for tools to help people navigate the complex world of points and miles.
FAQs
What was RewardStock?
RewardStock was an app that helped users manage and maximize their travel reward points, like airline miles and hotel points. It helped find the best deals on flights and hotels.
What happened to RewardStock after Shark Tank?
RewardStock was acquired by Experian in 2020. The app and website were shut down as a result.
Is RewardStock still available?
No, RewardStock is no longer available.
Why did Experian buy RewardStock?
The exact reasons are not public. Experian likely saw value in RewardStock’s technology and user base. They may be using it to improve their own products and services.
What are some alternatives to RewardStock?
Many airlines and hotels have their own programs for managing rewards. There are also other apps and websites that offer similar services.
The Bottom Line
RewardStock was a valuable tool for travelers. It made it easier to use reward points and find travel deals. Though the app is no longer around, it left a positive mark on the travel industry. It showed that there was a demand for services that simplify reward programs.
If you’re looking to maximize your travel rewards, don’t be discouraged by RewardStock’s disappearance. There are still many resources available to help you. Do some research and find the tools that best suit your needs.
