Table of Contents
CoinOut, as featured on Season 9 of Shark Tank, is an innovative mobile application that provides a unique and convenient approach to saving and earning extra cash.
The CoinOut app uses everyday transactions to give users cash back when they scan their shopping receipts.
This effortless methodology of generating a passive income stream differentiates CoinOut from many other cashback apps on the market, which often suffer from technical glitches, errors, and viruses.
CoinOut serves a dual function as both a cashback platform and a digital wallet. Users can procure cash back from virtually any store, making it versatile and practical for many consumers.
The CoinOut digital wallet is more than just a tool for cash back; it’s an accessible way for users to accumulate rebates on their daily transactions.
CoinOut’s flexible withdrawal system is one of its unique features. Users can get prepaid Amazon gift cards or transfer the accumulated amount directly into their bank or PayPal account.
Furthermore, CoinOut was positively reviewed on Shark Tank, with investor Barbara Corcoran expressing confidence in the app’s potential and offering a conditional investment. Even though the deal did not formalize, CoinOut has continued to thrive, gaining a wider user base and being acquired by IRI Worldwide in 2021.
CoinOut, as featured on Shark Tank, is a valuable app for anyone looking to make the most out of their regular shopping receipts. Its easy-to-use interface, flexible withdrawal system, and broad store applicability make it a good choice for those seeking to augment their income passively.
| Company Name | CoinOut |
| Entrepreneur | Jeff Witten |
| Product | A platform for tracking digital receipts |
| Investment Asking For | $250,000 for 7.5% equity in CoinOut |
| Final Deal | $250,000 for 15% equity in CoinOut |
| Shark | Robert Herjavec |
| Episode | Season 9, Episode 23 |
| Business Status | In Business |
| Website | CoinOut Website |
| Net Worth | $5 Million |
What Is CoinOut?
CoinOut is a mobile application and platform designed to revolutionize how consumers save and manage loose change from their daily transactions.
CoinOut was modeled after “cashing out,” an unused virtual currency in mobile games, to give users a simple and convenient way to digitize their spare change and store it in a virtual wallet, eliminating the need to carry coins around.
You can access this digital wallet via the CoinOut app, which can be downloaded on iOS and Android devices. CoinOut simplifies calculating spare change and crediting it to CoinOut accounts by scanning receipts after purchasing at participating retailers.
Users are not limited to specific stores, as the app can capture and process change from virtually any receipt available. The accumulated balance can be easily tracked and managed within the app, allowing users to redeem their savings for various purposes, such as purchasing gift cards, transferring funds to their bank accounts, or donating to charities.
CoinOut also offers cashback rewards and exclusive deals at participating retailers, maximizing savings and providing users with a seamless and rewarding experience.
CoinOut is a unique and practical solution for those looking to simplify and optimize their everyday spending habits.
Who Is The Founder Of CoinOut?
The founder of CoinOut is Jeffrey Witten. Witten, a graduate of Columbia Law School, was initially on track to become a lawyer but diverted his attention to technology and finance. During a trip to a coin exchange kiosk, he noticed the need for a digital solution to handle loose change, which led to the creation of CoinOut.
Before appearing on Shark Tank, CoinOut was already operational and making strides in the finance app market. The app provided users with a simple and accessible platform to earn cash back from their regular shopping activities.
Its unique features, such as the ability to earn cash back from any store and no minimum threshold for withdrawal, set it apart from its competitors.
Despite the competitive market of cashback and finance apps, CoinOut managed to carve out its niche, focusing on making handling receipts and loose change more efficient and profitable for its users. This traction and unique approach brought CoinOut to the Shark Tank stage, where investors recognized its potential for success.
How Was The Shark Tank Pitch Of CoinOut?
During the Shark Tank Season 9 presentation, Jeff Witten, the representative of CoinOut, pitched the digital receipt tracking platform to the sharks. He was seeking an investment of $250,000 for a 7.5% stake in his company, valuing CoinOut at $3.3 million.
In his pitch, Witten clearly explained the business model of CoinOut, which allowed users to scan receipts to claim rewards. He highlighted how the company generates revenue, discussing the monthly retainer fees of $20.
The sharks had mixed reactions to CoinOut’s proposition. Kevin O’Leary expressed concern that the industry was fiercely competitive, suggesting it might not take much for a major player to disrupt CoinOut’s business. Mark Cuban and Lori Greiner didn’t see a fit and exited the deal early.
However, Barbara Corcoran and Kevin O’Leary showed interest and made competitive offers. Corcoran proposed an offer of $250,000 for 15% equity, contingent upon the condition that CoinOut successfully partners with 700 new retail locations within the next six months. O’Leary offered $250,000 but sought a larger equity stake of 25%.
Finally, Robert Herjavec offered $250,000 for a 15% stake in the company. After considering all offers, Witten accepted Herjavec’s proposal. However, the deal with Herjavec did not proceed beyond the Shark Tank show and was never finalized.
Despite this, CoinOut managed to find success independently. By the end of 2021, millions of receipts had been scanned using the platform, generating over $10 million in gross revenue. Thus, the company’s future looked promising despite the initial deal falling through.
What Happened To CoinOut After Shark Tank?
After its appearance on Shark Tank, CoinOut experienced significant growth and success. Despite the deal with Robert Herjavec from the show not being finalized, the business continued to prosper.
The app saw a considerable increase in user base, and by 2021, more than 3 million receipts were being scanned each month using the app, which is a considerable milestone.
CoinOut’s revenue also rose substantially. The annual revenue increased to $12 million, demonstrating the platform’s successful adoption and monetization. This implies that the app became popular for consumers looking for a convenient way to earn cashback and rewards on their purchases.
The continued success of CoinOut didn’t go unnoticed by other businesses. In March 2021, IRI Worldwide, a large data analytics company, purchased CoinOut for an undisclosed sum, indicating confidence in the app’s potential and the viability of its business model.
Despite some skepticism during the Shark Tank pitch and the lack of a finalized deal with the Sharks, CoinOut has shown resilience and the ability to thrive in a competitive market. It is a testament to the effectiveness of their business model and the app’s appeal to consumers.
CoinOut Shark Tank Update
After appearing on Shark Tank, CoinOut, an innovative mobile app that allows users to scan receipts and receive cashback rewards, experienced significant success and growth in its business.
Before its appearance on Shark Tank, CoinOut had already gained a user base of almost two million people. The app’s simplicity, instant gratification, and ability to provide cashback rewards for scanned receipts from in-store and online purchases contributed to its popularity.
CoinOut’s revenue model relied on signing up stores and retailers, charging a service fee, and generating revenue through advertising. In Season 9 of Shark Tank, CoinOut’s founder, Jeffrey Witten, sought a $250,000 investment for 7.5% equity.
Witten presented CoinOut’s digital receipt tracking platform during the pitch and explained its revenue generation.
While Mark Cuban and Lori Greiner dropped out, Kevin O’Leary expressed concerns about competition, and Barbara Corcoran and Kevin proposed different offers. Ultimately, Robert Herjavec offered $250,000 for 15% equity, which Witten accepted.
Despite the deal with Robert Herjavec falling through, CoinOut continued to thrive and achieve significant success. The company experienced substantial growth, generating over $10 million in gross revenue from millions of scanned receipts in 2021.
CoinOut’s profitability was evident through its positive reviews, high ratings, and millions of receipts scanned monthly. The app remained active and continued operations, giving users cashback rewards for scanning receipts from any retailer.
CoinOut accepted three primary rewards: Amazon gift cards, PayPal cash, and direct deposit. Users could cash out without a minimum amount requirement.
CoinOut’s future looks promising as it remains an active company and continues to experience growth. The app’s simplicity and inclusivity make it a user-friendly option for earning cashback on daily purchases.
While the payouts per receipt may be relatively low, CoinOut’s flexibility and lack of restrictions make it an attractive choice for individuals seeking passive earnings from their receipts.
CoinOut faces competition from other cashback apps, but its unique approach and ability to accept receipts from any retailer set it apart.
CoinOut, after appearing on Shark Tank, gained further recognition and continued to achieve significant success in its business. Despite the deal with Robert Herjavec falling through, the app remained active, generating millions in revenue and providing users with cashback rewards for scanning receipts from any retailer.
Is CoinOut Still In Business?
Our research found out that CoinOut is still in business. CoinOut gained popularity after appearing on Shark Tank and securing a deal with Robert Herjavec.
CoinOut operates on a revenue model that involves partnering with stores and retailers, charging fees based on customer reuse, and generating revenue through advertising.
The app’s simplicity, ability to submit receipts from any location, and instant display of cashback rewards have contributed to its success. Since its Shark Tank appearance, CoinOut has experienced significant growth and success. It has garnered over one million app users in the United States.
CoinOut’s profitability is evident with millions of monthly receipts scanned and a high user rating. The app remains active and provides cashback rewards for scanning receipts from any retailer.
What Is the Net Worth Of CoinOut?
According to our research, the net worth of CoinOut is estimated to be $5 million. CoinOut’s valuation was $3.3 million after securing an investment from Robert Herjavec on Shark Tank.
