Spare Mobile App Shark Tank Net Worth 2023

Spare Mobile App Shark Tank Net Worth

Spare is a mobile app that allows consumers to connect their bank accounts and access cash from participating merchants.

In Shark Tank Season 10, Mark Cuban invested $500,000 for 12% of the company at a valuation of $14.2 million. As of February 2023, Spare has not become a super successful business like some other Shark Tank rejects.

What is Spare Mobile App? Who is the founder of the Spare Mobile App?

Spare is a mobile app that works like an ATM, allowing customers to withdraw cash from participating shops without needing a physical ATM.

To use Spare, customers can link their account to a bank account, PayPal account, or Apple Pay account, making it easy to access funds without a debit or credit card.

This innovative software benefits both consumers and participating retailers. Spare rewards retailers for dispensing cash, while also eliminating the expenses associated with traditional ATMs.

The founder of Spare, D’Ontra Hughes, is a financial entrepreneur who previously worked as a vice president at Bellinity and Bellichiasmo.

He has a degree in psychology from Arizona State University and is passionate about innovation and disrupting established business practices.

Hughes came up with the idea for Spare while working at a pub, where guests didn’t have coins to tip. He realized that there was a need for a more convenient method of accessing cash, particularly for the unbanked and underbanked populations.

According to the Federal Reserve, 22% of US households and one-third of the world’s population are unbanked or underbanked.

Although there are three other apps that offer similar services as Spare, they are all based in other countries. Hughes aims to be the first to market in the United States.

So far, the company has raised $347,000 in three rounds of financing through convertible notes. While the number of participating merchants is unknown, the company is actively seeking part-time staff to recruit new retailers.

Currently, the app is only available on Apple devices, but an Android version is expected to be released soon.

Spare Mobile App Shark Tank Pitch

D’Ontra Hughes pitched his virtual ATM program, Spare, on Shark Tank episode 1019 and expressed his desire for a Shark to join him in eliminating traditional ATM machines.

He sought a partner to assist with merchant acquisition, as the value of the app increased with more merchants offering the service.

D’Ontra was seeking $500,000 for a 3.5% ownership in his $14 million company, but the Sharks were skeptical of the valuation and asked about growth logistics.

They expressed concern that retailers might not want to have a large amount of cash on hand for app users. All but Mark dropped out, who offered $500,000 for a 15% stake.

After some negotiation, they settled on $500,000 for a 12% equity share and 2% advisory shares, and the deal was closed.

However, as of July 2019, the deal had not been finalized, and the company was not featured on Mark’s website. Moreover, the app had only been launched in Los Angeles.

As of February 2022, the deal with Mark was still pending, but D’Ontra continued to expand the company through collaborations with Master Card, LiteLink Technologies Inc., and others.

The collaboration with LiteLink in June 2019 allowed uBuck customers to access the Spare network, and the company is still operational, generating $4 million in annual sales.

Competitors of Spare Mobile App

The main competitors of Spare Mobile App in the market space are; HYAS InfoSec In, Absolute Software, MailChannels, LoginRadius, Kobal, Plurilock Software and Mirai Security.

Net Worth of Spare Mobile App

The company valuation was $14 million during the pitch. Since then the company is still operating and hence the company’s net worth might be more than that of the pitch.

Spare Mobile App Shark Tank Updates

Spare is a mobile app that allows users to connect their bank accounts and withdraw cash from participating merchants. D’ontra Hughes pitched Spare on Shark Tank Season 10 and asked for an investment of $500,000 for 3.5% equity.

Mark Cuban invested $500,000 for 12% equity and 2% advisory shares. Spare’s platform has partnered with over 2,500 merchants who offer better rates than third-party ATM machines.

Spare has also partnered with Master Card, LiteLink Technologies Inc., and others. The deal with LiteLink technologies allows uBuck users to use Spare.

As of February 2023, Spare has not become a super successful business like some other Shark Tank rejects. Spare has raised approximately $350,000 but has not found dealers or made any significant sales. Spare has not expanded beyond the City of Los Angeles either.

However, the app is still operational and generates $4 million in annual sales. Spare is currently only available on Apple devices, but an Android version is expected to be released soon.

What Happened To Spare Mobile Apps After Shark Tank?

D’Ontra Hughes pitched his product, Spare Mobile App, in season 10 episode 20 of Shark Tank, asking for a $500,000 investment for 3.5% equity. Mark Cuban offered $500,000 for 12% equity and 2% advisory shares, but the deal did not close as of June 2021.

Nonetheless, Spare partnered with Master Card, LiteLink Technologies Inc., and others, with the latter deal enabling uBuck users to use Spare. Spare is a virtual ATM network that allows participating merchants to dispense cash to customers without the need for a physical card.

It is one of only a few mobile banking apps on Apple’s “whitelist” and is currently available in the Apple store. Development is underway to make it available on Android as well. Spare’s operations are limited to the City of Los Angeles as of June 2021.

Despite the unsuccessful deal with Mark Cuban, D’Ontra Hughes has continued to grow the business, and as of his appearance on Shark Tank, Spare’s net worth was $14.2 million.

What Was The Outcome Of Spare’s Pitch On Shark Tank?

Spare Mobile ATM was featured on Shark Tank in season 10, during which the founder, D’ontra Hughes, requested $500,000 for 3.5% equity in the company. Mark Cuban invested $500,000 for 12% equity and 2% advisory shares.

Spare has partnered with over 2,500 merchants who offer cash withdrawals at a better rate than third-party ATM machines.

Although Kevin O’Leary, Lori Greiner, and Barbara were not interested in investing in Spare, the company has continued to grow and now has partnerships with Master Card and LiteLink Technologies Inc. Despite this, the deal with Mark Cuban did not close.

Spare Mobile App is still in operation but has yet to expand beyond the City of Los Angeles.

What Is The Current Net Worth Of Spare Mobile Apps?

Spare Mobile App was featured on the television show Shark Tank in season 10 episode 20. The founder, D’ontra Hughes, requested $500,000 for a 3.5% investment in the company. Mark Cuban invested $500,000 for 12% of the company, which was valued at $4.16 million at the time.

The spare Mobile App enables users to connect their bank accounts and withdraw cash from participating merchants. The app allows users to convert their digital balance into cash without the use of a card.

Over the past two and a half years, Spare has established partnerships with 2,500 participating merchants across the country and is presently processing transactions.

As of February 2023, Spare has not become a highly successful business compared to other Shark Tank ventures. However, they reported generating around $1.5 million in revenue in 2020 and about $4 million in revenue as of June 2021.

The founder of Spare, D’ontra Hughes, has a net worth of $19 million as of 2022. While Spare’s current net worth is not explicitly stated in search results, it is likely higher than the $4.16 million valuation at the time of the Shark Tank pitch, given the company’s continued operation and revenue growth.

What Is The Current Valuation Of Spare Mobile Apps?

The company valuation of the Spare Mobile App during the pitch was $14 million. However, since the company is still operating, its current net worth might be more than that of the pitch.

There is no specific information available on the current valuation of the Spare Mobile App beyond this.

What Partnerships Does Spare Mobile App Have?

Spare Mobile App operates a virtual ATM network that enables customers to withdraw cash from participating merchants. Spare pay merchants to dispense cash to customers, and in exchange, merchants get paid by Spare to dispense cash, reduce ATM fees, and attract more foot traffic.

Spare also offers a revenue-sharing program for its corporate partners. Its partnerships are with authorized retailers that are part of its virtual ATM network. However, Spare has not yet partnered with any financial institutions or non-profits.

In addition to its virtual ATM network, Spare has a transportation app that enables customers to get fast, personal, on-demand rides from their transit agency.

Spare’s transportation app partners with transit agencies in various cities around the world, and its partnerships are with transit agencies rather than individual drivers. It’s worth noting that Spare’s transportation app is not related to its virtual ATM network.

What Is The Current Status Of The Spare Mobile App Deal With Mark Cuban?

Spare Mobile App is a mobile application that allows users to withdraw cash without using a credit or debit card.

The app was pitched on Shark Tank during season 10, and its founder, D’ontra Hughes, made a deal with Mark Cuban for $500,000 in exchange for 12% equity and 2% advisory shares. However, it seems that the deal never closed with Cuban as it is not listed in his investment portfolio on his website.

Despite this, Spare has partnered with Master Card, LiteLink Technologies Inc., and others. The partnership with LiteLink technologies enables uBuck users to use Spare.

Spare has partnered with over 2,500 merchants who are willing to dispense cash for a better rate than a third-party ATM machine. Financial revenue numbers for Spare are not available.

The app is currently available on the Apple store and is under development to make it available for Android users as well. The net worth of Spare is not available, but it asked for $500,000 for 3.5% at a $14.2 million valuation on Shark Tank.

What Partnerships Has Spare Mobile App Made Since Appearing On Shark Tank?

Spare Mobile App has partnered with over 2,500 merchants to provide cash at a better rate than third-party ATM machines. These merchants are paid by Spare to dispense cash to users through the app’s virtual ATM, which eliminates the need for traditional ATMs and their processing fees.

On Shark Tank, Spare secured a deal with Mark Cuban, who invested $500,000 for a 12% equity stake and 2% advisory shares.

Cuban was the only shark to invest in the company as the others were skeptical about expansion and the ability of merchants to keep large amounts of cash on hand for the app’s customers. Spare has not announced any new partnerships since appearing on Shark Tank.

Spare Mobile App Shark Tank Summary:

INFORMATION	DETAILS
Product	Spare is a mobile app that allows consumers to connect their bank accounts and access cash from participating merchants.
Founder	D’Ontra Hughes
Investment	Mark Cuban invested $500,000 for 12% of the company at a valuation of $14.2 million during Season 10 of Shark Tank.
Competitors	HYAS InfoSec In, Absolute Software, MailChannels, LoginRadius, Kobal, Plurilock Software, and Mirai Security.
Financing	The company has raised approximately $350,000 in three rounds of financing through convertible notes.
Partnerships	Spare has partnered with Master Card, LiteLink Technologies Inc., and others. The deal with LiteLink allowed uBuck users to use Spare.
Net Worth (2023)	Unknown. The company’s valuation was $14 million during the Shark Tank pitch.
Shark Tank Update	Spare has partnered with over 2,500 merchants who offer better rates than third-party ATM machines. Mark Cuban invested $500,000 for 12% equity and 2% advisory shares.
Status	The app is still operational and generates $4 million in annual sales. Spare is currently only available on Apple devices, but an Android version is expected to be released soon.
Expansion	Spare has not found dealers or made any significant sales beyond the City of Los Angeles.

 

What is Spare Mobile App?

Spare is a mobile application that functions similarly to an ATM. The software eliminates the need for a large automated teller machine at a retail location and enables participating shops to provide consumers with the cash they would typically withdraw from an ATM.

Who is the founder?

D’Ontra is the founder of the Spare Mobile App. He had the concept for a Spare ATM while working at a pub where guests lacked coins to tip.

How much was D’Ontra seeking at Shark Tank?

D’Ontra appeared on Shark Tank seeking $500,000 in exchange for a 3.5% ownership in his firm, which was worth $14 million.

Did he have the deal?

Yes, he did the deal with Mark Cuban.

How much was the deal?

Mark offered $500,000 for 12% equity plus 2% advisory shares of the company.

 Is Spare Mobile App still in business?

Yes, Spare Mobile App still operating and generates $4 million in yearly sales.

Where is Spare Mobile App based?

It is based in Las Vegas, Nevada. The firm operates out of a warehouse in which the software is stored on computer servers interlinked with a high-speed fiber broadband network.

How Spare Mobile App funds be used?

Funds will be used to acquire merchants and develop the application further.

What was the investment strategy of the Spare Mobile App?

The strategy of the Spare mobile app is to acquire sufficient merchants to make the application a viable alternative to a standard ATM.

How does Spare Mobile App work?

Customers link their Spare account to a bank account, PayPal account, or Apple Pay account, from which monies may be taken without the need for a debit or credit card. Spare also rewards participating retailers for cash dispensing, and merchants avoid the expenses associated with standard ATMs.

How does Spare Mobile App generate revenue?

Spare for merchants enables businesses to generate revenue from idle cash in their registers. Rather than paying banks to handle their money, Spare compensates banks on a per-transaction basis for disbursing monies to its customers. Spare merchants profit from greater foot traffic and income.

Is Spare Mobile App successful?

Spare has accumulated 2,500 participating retailers countrywide over the previous 2.5 years and is presently processing roughly 2700 transactions each day.   Spare collected $500,000 from family and friends to begin the firm, as well as a convertible note valued at $9 million.

Why does Spare Mobile App take so long for my check to clear?

The initial check will not clear until they receive cash from their bank, which normally takes between 24 and 72 hours following submission. Users will not be eligible for immediate access to check deposits until they have processed their fourth check (and the prior three have cleared without incident).

Where can I use TWINT to withdraw cash?

If the digital wallet is accessible in Spare Mobile App, users can withdraw cash from any location within the network.

How does Spare Mobile App pay the Merchants?

Into their Spare bank account or merchants can arrange for monies to be transferred to another bank (for a fee).

What is the net worth of D’Ontra Hughes?

The net worth of D’Ontra Hughes is not known.