What Happened To The RewardStock App From Shark Tank Season 10?

While many of us dream of traveling, few of us have the means to do so regularly. There's no shortage of loopholes to help find cheaper flights, but putting these tricks into action can be time-consuming and confusing. One "Shark Tank" entrepreneur sought to simplify the path to these secrets with his app RewardStock. The program streamlines the process by analyzing a user's credit card and reward points and finding the best fitting deals. 

Jon Hayes came up with the idea following his honeymoon. Having chosen to go to the Maldives, the North Carolina native spent nearly a month searching ways to use his accumulated points to save money, resulting in their $40,000 trip costing only $200. Despite the victory, Hayes realized that the time and energy spent to make it all happen was far more than most could dedicate. Always up for a challenge, he quit his lucrative investment banking job on Wall Street and set off to build a platform that would perform the heavy-lifting. He received a great deal of support from his community and investors along the way. 

Not long after, Hayes reached a destination that countless entrepreneurs only dream of by appearing on "Shark Tank" Season 10, which featured other notable app pitches such as Bundil and the financial startup, GoalSetter. Hayes' pitch received hesitation from some of the celebrity investors, but some renogotiacting got him in the green with one of the show's biggest names. Keep reading to learn what happened to RewardStock on and after "Shark Tank."

Jon Hayes hoped to get $200,000 for a 5% equity stake for RewardStock. His pitch started off with a bang as, after describing his business, the entrepreneur stepped aside to allow a pair of hula dancers and even a fire juggling dancer to wow the Sharks. He explained that these were among the sights he saw at a then-recent trip to Hawaii that only cost $16. 

From there, Hayes went into greater detail about the mechanics of the platform. The app itself is free, with revenue coming in from both a $29.99 annual membership fee and referrals when users are connected to point-enhancing products. Over the span of two years, RewardStock brought in $50,000 from 10,000 users. Much of its revenue was coming from referral revenue, and the team were considering relying on this alone. Hayes invested $20,000 of his own money into the business, with an additional $700,000 being raised at a $3.5 million valuation on a convertible note, resulting in the $4 million valuation proposed to the Sharks. 

Sara Blakely, Lori Greiner, and Barbara Corcoran all went out, either not being all that passionate about the idea or believing that the business was in too early a stage to judge. Kevin O'Leary saw the potential to integrate RewardStock with some of his similar ventures, but wanted 10% equity. Mark Cuban also wanted 10% but was willing to invest $320,000 for that stake and 1% advisory share as a way of being more flexible with Hayes' convertible note. Pleased by the offer, Hayes takes the deal. 

After striking a lucrative deal on "Shark Tank," it seemed that the sky was the limit for Jon Hayes and his company RewardStock. Following RewardStock's appearance on the show, the entrepreneur got to work enhancing the platform and expressing his excitement for what was to come. 

The episode itself aired on November 18, 2018. Mark Cuban's significant investment in RewardStock took founder Jon Hayes by surprise, but in the best possible way. Speaking with WRAL Tech Wire, Hayes shared what made the offer such a big deal, stating, "The deal with Mark gives us much-needed capital and the support and resources of his network. I was able to get him to put in more money than I originally asked for, so that worked out well." 

Along with the Dallas Mavericks owner's involvement, Hayes also anticipated how much the exposure would grow their audience. "Once a company gets a deal on Shark Tank, that notoriety really follows the brands," he continued. "This is at a time when the company is ready to scale, and that's what we will be doing with this new investment." Changes to the platform's appearance and performance occurred during this time, most notably with the implementation of a booking feature that helped improve the user experience. Additionally, Hayes used the newfound resources to gradually expand the team.

Not even two years after its appearance on "Shark Tank," RewardStock saw a major change with the person in charge. By early 2020, the company would be acquired by Experian, one of the world's lead financial and credit services. Details regarding specific terms and financial details were never revealed.

Founder Jon Hayes had been eyeing Experian as a partner for some time, believing that the firm's extensive credit-checking database could aid in his brand's mission. "I started this with the confidence that ultimately I would get to a place like this," Hayes shared with The News and Observer in 2021. "It is one thing to aspire to something and it is another thing to realize it." Hayes stuck with the company, eager to continue developing RewardStock's technology as well as to see how Experian would aid in leveraging data and expanding its audience. 

As of this writing, however, it doesn't seem like much has come out of the collaboration, as the state of RewardStock itself is questionable. Outside of a couple of social media accounts that haven't been updated since early 2020, the company has no online presence whatsoever. Attempting to visit the company's original website domain instead takes you to Experian's website, although even here no evidence of RewardStock can be found.

While we don't want to believe that RewardStock is dead and gone, little evidence is around to prove otherwise. If so, it is quite a shame, as the app had the chance to leave a real impact. The problem that founder Jon Hayes aimed to solve with his business is still very much present, and his idea could have potentially made traveling far more accessible for low to mid-income households. Top it off with the titans like Mark Cuban and Experian on his side, and it's mind-blowing to think that such a company slipped away just as its notoriety was picking up steam. 

Much like his business, Hayes' own activity has been somewhat mysterious in the years since "Shark Tank." According to his LinkedIn, Hayes joined Experian, the firm that acquired RewardStock, as a Director of Innovation for the next three years, leaving in April 2023. Since then, he has founded a new entrepreneurial venture called Coronation Group Companies. No information whatsoever exists of what the venture is about or what it does. 

All that shows up when looking it up is a vague website with the slogan "Building a future to celebrate." Given Hayes' experience both in entrepreneurship and investment banking, it's possible that he is seeking to provide resources for up-and-coming business owners, but it's truly only a guess. Regardless of the matter, Hayes is clearly a well-meaning and passionate individual who will find a way to put out something good for the world.