CASHDROP CEO Ruben Flores Martinez
Ruben Flores Martinez at the CASHDROP Headquarters in Chicago, Illinois
CASHDROP, a tech company based in Chicago, Illinois, has launched an equity fund for Latino-owned businesses who use the platform. Founder and CEO Ruben Flores-Martinez is putting $1 million of his own equity into a fund that will be distributed to 1,000 Latino businesses, coining the fund The Latino Renaissance. No other tech company has launched an initiative like this before, with CASHDROP being the first to give ownership stake to its loyal users in a historically underrepresented community.
Ruben Flores-Martinez, an immigrant from Mexico, saw the reality of setbacks Latinos face. He successfully founded CASHDROP, joining the 1% of Latino founders that are venture-backed. CASHDROP's product and mission attracted investors that include Harlem Capital, Cyan Bannister, Scott Belski, Valor Equity Partners and David Grutman. Flores-Martinez's unique story has placed him in Forbes 30 Under 30 and Crain's 40 Under 40, and the CASHDROP founding story has become a case study at Harvard Business School. At the event hosted to announce the fund, Flores-Martinez said that "his company is nothing but a compilation of the community who uses it in pursuit of their own dreams," inspiring the audience with a promise to "create a company that means something."
CASHDROP is a point-of-sale and online ordering app with zero seller fees. It is the most merchant-focused platform in the market and with its unique business model, where the customer pays a small fee at checkout, it saves businesses thousands of dollars a month in fees alone. With an ecosystem of ways to sell, users range from brick-and-mortar restaurants and food trucks throughout the country, hospitality powerhouses like The Goodtime Hotel and events including The Rick Ross Car Show.
There's no denying that Latinos contribute to a large part of the U.S. economy, accounting for 80% of new businesses. Harlem Capital released a study that shows that Latino businesses are growing 4.5x faster than the overall U.S. economy. Other companies in the same space have been built off the hard work of its users by charging high setup fees, monthly commissions and processing fees. This initiative will give back to the Latino community, setting businesses up for long-term success, with the goal of making the 1,000 recipients millionaires by the end of it.
The CASHDROP Latino Equity Fund is accepting applications, with the first round of selections going to restaurants and food trucks that use CASHDROP for 100% of their sales. Interested businesses can review requirements and submit their information for consideration at https://cashdrop.biz/owner.
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Original Source: CASHDROP Founder Ruben Flores-Martinez Announces First-Ever Latino Equity Fund for Platform Users