Rewardstock Travel App Update | Shark Tank Season 10

While planning his own trips, Jon Hayes realized it was confusing and frustrating to figure out when to use cash or reward points for flights and hotels. So, he created Rewardstock, an app that tracks rewards, shows their real cash value, and helps travelers get the most out of every trip. Will the sharks see the value in making travel easier with Rewardstock? Let’s find out in our Rewardstock update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Rewardstock after Shark Tank.

Jon appeared on Shark Tank Season 10 and ultimately made a deal with Mark Cuban for $320,000 for 10% equity + 1% advisory shares in his company.

In terms of a Rewardstock update, Jon eventually sold Rewardstock to Experian in November of 2020 for an undisclosed amount. After that deal, Jon later moved on to lead Coronation Group Companies.

Shark:	Result:
Mark Cuban	Accepted deal for $320,000 for 10% equity + 1% advisory shares
Kevin O’Leary	$200,000 for 10% equity
Sara Blakely	No offer
Lori Greiner	No offer
Barbara Corcoran	No offer

Shark Tank Rewardstock Pitch

• Entrepreneur: Jon Hayes
• Business: Travel advisor mobile app
• Ask: $200,000 for 5% equity
• Result: $320,000 for 10% equity + 1% advisory shares
• Shark: Mark Cuban

Jon started his pitch by sharing a personal story.

He and his wife had taken a very expensive honeymoon, but instead of paying thousands of dollars, they spent just a few hundred.

Jon explained that they achieved this by using Rewardstock, his app that helps users track and redeem frequent flyer miles and other travel-related reward points.

He quickly outlined the core problem. Managing airline miles and reward programs was confusing for most people. Many either got frustrated by the process or let points go unused

According to Jon, Rewardstock acted as a travel advisor and booking service that solved this issue.

The platform’s process was simple. Users created a profile, uploaded their travel points, and Rewardstock identified the best ways to redeem them.

Barbara Corcoran asked how Rewardstock made money.

Jon explained that the company earned referral commissions from travel companies whenever users booked trips through the platform.

Next, Kevin O’Leary then brought up HoneyFund, a previous investment he had made on Shark Tank. He asked if there could be a potential partnership.

Jon said he was familiar with HoneyFund and agreed that the two businesses could complement each other well.

Jon went on to break down Rewardstock’s revenue model. Initially, the platform made money only through referral commissions.

However, Jon shared that they planned to introduce a $29 annual membership fee for users in the future.

At this point, the sharks seemed interested until Jon revealed the company’s financial numbers. He had made only $50,000 in total revenue from 10,000 users.

He admitted that the membership model had not launched yet and appeared unsure about when or even if it should roll out. This hesitation raised concerns among the sharks.

However, guest shark Sara Blakely asked how he justified a $4 million valuation with only $50,000 in revenue.

Jon shared that he invested $20,000 of his own money and raised an additional $700,000 from outside investors. Part of that included $400,000 raised through a convertible note.

Following this, Sara and Lori Greiner both dropped out. Sara said she didn’t feel passionate about the business, while Lori believed it was too early and too risky for her.

Barbara also bowed out, explaining that the business would need heavy investment to find the right growth model.

Meanwhile, Kevin stayed interested. He offered $200,000 for 10% equity.

However, Mark Cuban jumped in with an ultra-sneaky offer of $320,000 for 10% equity and 1% advisory shares.

After weighing his options, Jon eventually accepted Mark’s offer and ultimately left with a deal.

Let’s see how things fared for Jon following Shark Tank, in our Rewardstock update.

Shark Tank Rewardstock Update

Our Rewardstock update found that the deal closed successfully, and Mark Cuban stayed actively involved.

After the show, Rewardstock gained traction, especially with Canadian travelers. Within a year, the platform helped users save about $250,000 on travel.

In November 2020, Experian acquired Rewardstock in a 100% cash deal. The purchase amount was not disclosed.

Following the acquisition, Rewardstock’s website redirected to Experian, and its social media accounts became inactive, indicating that the brand was likely absorbed into Experian’s broader services.

After the sale, our Rewardstock update found that Jon joined Experian as Director of Innovation in 2020 but left the role in 2023.

He now leads Coronation Group Companies, though details about the new venture remain limited.

This will be our final Rewardstock update.

You can find the other company updates from Season 10 Episode 5 here:

• The Kombucha Shop Update
• The WISP Broom Update
• Handbag Raincoat Update

For even more on companies and products, be sure to stop by our Season 10 products page!