CoinOut Shark Tank Update | CoinOut after Shark Tank

What is CoinOut? Who is the founder of CoinOut?

CoinOut is a mobile app that rewards users for scanning their in-store receipts. The app also displays available and relevant deals to users based on their purchase data.

The founder of CoinOut is Jeffrey Witten, who earned a Master of Business Administration from Columbia University and has held various positions in associate, advisory and marketing roles.

He originally envisioned an app that would make it easy for both retailers and customers to exchange money, and joined Google in 2013 in the mobile payments field.

The app works by allowing customers to scan receipts for cash back, and also has a feature where customers can add funds to their CoinOut account through participating merchants.

Users can cash out their earnings by contributing to charity, receiving an Amazon gift card, or having the funds deposited into their bank account.

The app is free for consumers to use, but merchants pay a monthly charge of $10 to include CoinOut in their payment processing system.

What Happened to CoinOut at Shark Tank pitch?

Jeff, the founder of CoinOut, went on Shark Tank to seek $250,000 for a 7.5% stake in his company, which was valued at $3.3 million. He explained how his concept worked and answered questions from the Sharks.

Some Sharks were interested in the idea, but had concerns about how they would get their money back. Barbara Corcoran offered $250,000 for a 15% stake if Jeff could sign up 700 merchants by the end of 2018.

Kevin O’Leary offered $250,000 for 25% equity with no conditions. Robert Herjavec offered $250,000 for 15% ownership shares, which Jeff countered with a 12.5% stake, but Robert did not accept and Jeff accepted Robert’s original offer, he walked away with a deal.

What Happened to CoinOut after Shark Tank?

Although Jeff had made a deal with Robert on the show, it was never completed after the airing. However, the company was able to grow its user base to over 3 million scanned receipts per month by 2021.

In March 2021, the company was purchased by IRI Worldwide for an undisclosed amount, and as of November 2021, the company had $12 million in yearly sales.

Competitors of CoinOut

The company competes with the following competitors; Rollbar, Pingdom Visitor, Pingdom AB,

Heroku and New Relic Browser.

Net Worth of CoinOut

The company was valued at $3.3 million during its pitch on Shark Tank. Since then, it has been acquired by IRI Worldwide, but the value of the acquisition is unknown.

However, the company has generated $12 million in sales in 2021, indicating that its net worth has likely increased.

CoinOut FAQs

What is CoinOut?

CoinOut is an app which allows the users to receive money back on any type of purchase.

Who is the founder?

Jeffrey Witten is the co-founder of CoinOut and is the CEO of both.

How much was asking on Shark Tank?

Jeff was seeking $250,000 for 7.5% stake of his company.

Did he get the deal?

Yes, Jeff got the deal from Robert Herjavec.

How much was the deal?

Robert Herjavec offered $250,000 for 15% equity shares but they never completed the deal.

Is CoinOut still in business?

Yes, the app still in business and functioning.

Is CoinOut available on iPhone and Android?

Yes, Users can download it from both Google Play Store and App Store.

When was CoinOut launched?

CoinOut was launched in January 2017 by Jeffrey Witten.

Where is the headquarters?

The headquarters of CoinOut are in New York City, United States.

What types of merchants are on CoinOut?

The following types of merchants are supported by CoinOut. The full list includes; best Buy, Costco among others.

What is the limit for Scanning Receipts per day?

The limit varies depending on the merchant.

What is the Merchant’s name used in the app?

The app’s name used in the app is CoinOut.

Are there any restrictions placed by OEMs?

Some of the vendors such as with specific makes and models of mobile phones have set their own restrictions.

The issue depends on whether they have a contract with their OEM or not. If they do, then it should not be an issue for use as well.

What is must for Merchants to accept CoinOut?

Merchants have to have a compatible payment terminal (i.e. like a cash register) and can also use either Apple Pay or Google Pay.

How do I get money back?

In the app, locate the “scan” button and place the receipt within the rectangle. Make sure all of the important information is displayed before users submit!

How do I make money online?

In the CoinOut app, locate the merchant logo from which they are purchasing online and hit the button to be sent to the retailer’s website or app. Complete the purchase, and there they have it! They’ll instantly receive a text message verifying it.

How do I withdraw my money?

Users have the option of using a bank, a gift card, or PayPal! There is no minimum for bank and gift card transactions; however there is a $20 minimum for PayPal transactions.

What receipts do not qualify for cash back?

ATM or bank slips, Lotto tickets, Credit Card slips (no product items), Money Orders Coupons, images of barcodes or QR codes Receipts written by hand

Is CoinOut a scam?

The app is not a scam; there are no risks or fees involved in the process.

What is the user interface of CoinOut?

The user interface is simple and easy to use. Users have to scan the receipt and click on submit. The app will scan for all of the important information on the receipt, and then users have a choice of either getting cash back or purchasing online via their phone without any additional fees.

Are there any subscription fees?

No, there are no subscription fees with this application.

What is the net worth of Jeff Witter?

Jeff Witter’s net worth is unknown.