CoinOut Update | Shark Tank Season 9

Carrying loose change is inconvenient. Jeff Witten’s CoinOut app tackles this by allowing users to deposit their extra change into the app or scan receipts for credit. This eliminates the hassle of coins for both consumers and merchants. Did the sharks invest in his company during Season 9? Let’s find out in our CoinOut update and pitch recap. 

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

Jeff Witten pitched his solution for microtransactions and cash management on Season 9 of Shark Tank. He requested $250,000 for 7.5% equity, ultimately securing a deal with Robert Herjavec for $250,000 at a 15% stake.

In terms of a CoinOut update, the company boasts a growing user base and was acquired by a data analytics and market research firm for an undisclosed amount.  

Shark	Result
Robert Herjavec	Accepted offer of $250,000 for 15% equity
Kevin O’Leary	$250,000 for 25% equity
Barbara Corcoran	$250,000 for 15% equity, contingent on signing up 700 retailers
Mark Cuban	No Offer
Lori Greiner	No Offer

Shark Tank CoinOut Pitch

• Entrepreneur: Jeff Witten
• Business: Digital Receipt Tracking Platform
• Ask: $250,000 for 7.5% equity
• Result: $250,000 for 15% equity
• Sharks: Robert Herjavec

Jeff began his pitch by explaining how CoinOut’s platform works to the sharks. 

He explained that there are two ways to earn cash back with CoinOut. First, you can earn cash back on any purchase by simply scanning your receipt in the app.

The money is then instantly added to your account. However, you are limited to three scans per day.

Secondly, you can add money to your Coinout account through participating merchants. You can either deposit your spare change or use your existing balance to make payments at these locations. All CoinOut accounts are linked to your cell phone number.

Cashing out is easy. All you need to do is simply tap the button in the app and choose your preferred method: donate to charity, get an Amazon gift card, or transfer funds to your bank account. 

Signing up requires no financial information upfront, except for adding a bank account if you want to withdraw money.

Initially, the app only allowed receipt scanning from specific stores, but now you can earn cash back on any receipt.

However, Kevin O’Leary worried that large payment processors would crush CoinOut.

Jeff countered that the processing industry is gradually becoming a thing of the past, a point Mark Cuban agreed with.

He further explained that loyalty programs for retailers and a $20 monthly fee with a 3% transaction charge were additional selling points for his innovation.

Mark Cuban is the first shark out of the deal, believing Jeff isn’t considering the broader market.

Lori Greiner likes the concept, but worries about her investment return and exits the deal.

Barbara believes in Jeff’s success and offers $250,000 for 15% equity, contingent on signing up 700 retailers by year-end (2018). However, with half the year gone, Jeff seems skeptical about reaching that number.

Kevin counters with an offer of $250,000 for 25% equity. Robert Herjavec offers the same amount for only 15% equity but with the condition of securing a successful partnership with a major retailer. 

Jeff accepts Robert’s more favorable offer. So, was this a good deal? Let’s find out in our CoinOut update.

Shark Tank CoinOut Update

While the deal with Robert fell through, Jeff’s business continued to thrive. 

By 2021, the app boasted a user base exceeding 3 million monthly receipt scans, which translated to millions of dollars in gross revenue.

Our CoinOut update research found that IRI Worldwide acquired the company in March 2021 for an undisclosed amount.

Things are going well, and the CoinOut app has good reviews on the app store. This is probably because users love earning cash for everyday purchases, while merchants appreciate the simplified change handling. 

As of June 2021, they had reported $12 million in annual revenue. Jeff stayed on at the company until April 2022 and now advises and invests in start-up companies.

So, despite the deal falling through, it looks like things worked out well for Jeff and our CoinOut update.

You can find the other company updates from Season 9 Episode 23 here:

• Eggmazing Update
• Hugo’s Amazing Tape Update
• Coolpeds Update

Before you go, be sure to check out some of the other company updates from Shark Tank Season 9.