Cashblack - rewarding members when they shop online

Welcome to NEXUS Startup Diaries, the number one place to discover the hottest and most inspiring startups and founders.

Today we're excited to meet Matthew Addai of Cashblack

So Matthew, tell us more about Cashblack

Cashblack is a platform that rewards members with cashback when they shop online with Black-owned businesses. Members browse for products and services from Black-owned brands and when a purchase is made, they receive cashback from our affiliate commissions that they can withdraw for themselves or donate to one of our affiliated goodwill causes where we match donations 100%.

How did you come up with the business idea and what problem are you looking to solve?

I was made redundant from my dream job working as a trader for a hedge fund and decided to take a sabbatical in 2020 for self-development and independent study to give myself a better understanding of how the world works.

But halfway through a year of a pandemic, recession, and global anti-racism movement, I feel that I, as well as many others, got a better understanding of "how the world works."

I had already been researching why things were the way they were regarding racism and its effects on marginalised communities and how there was a direct correlation between racism and the lack of support for minority-owned businesses.

As such, I felt that the best way to try and fix these issues would be to find a way to incentivise patronage in Black-owned businesses by having Black-owned businesses reinvest back into the patrons.

Looking for something entrepreneurial to pursue with genuine purpose rather than just doing something for money, my two younger brothers and I thought to ourselves, "How about a cashback website? A cashback website for Black-owned businesses.

Why don't we call it Cashblack?" And what started out as a play on words is now our tech startup.

What made you want to start your own business?

I have a bit of an entrepreneurial past working as a club promoter at university and as a trader in between roles as trading companies but nothing enough to really prepare me for this. I started because of the greater autonomy I would have over my life with an overall how to help as many problem as possible.

What stage is your business currently at?

It's at the growth stage where our priority now is to scale.

What do you love most about being an entrepreneur?

The part I love the most is that I feel like I can really make a difference rather than when I was an employee working for other people.

What is the number one business tip you've learned that you'd like to share with fellow budding entrepreneurs?

“Be in the room” - Most of my wins have come from being at the right place at the right time so it’s always important to be present where it matters.

Who are your startup heroes?

I don’t really have one but if had to choose, it would be Ryan Hudson from Honey.

Is there a favourite podcast, book or series you'd like to share with the world?

My current recommendation would be My First Million because of the quality of guests who are all founders in various sectors.

Where can people find you online?

We're @CashblackHQ on all channels!

It's been really great to chat today Matthew! Good luck in the future with your business and we look forward to catching up with you soon.

If you're interested in starting, running or scaling your own business, then why not enquire about NEXUS membership here

...and if you're interested in featuring your own entrepreneurial journey on the NEXUS Startup Diaries blog, then get in touch and let's share that story with the world!