Spare Mobile ATM Shark Tank Net Worth (Before and After Shark Tank)

In the Shark Tank Season 10, Spare Mobile ATM appeared as a contestant, aiming to revolutionize the mobile banking industry with their innovative app. Although they received an investment of $500,000 from Mark Cuban for 12% of the company at a valuation of $14.2 million, Spare Mobile ATM has not yet experienced the same level of success as some other Shark Tank participants. However, their journey is far from over.

Spare Mobile ATM offers a unique solution for those in need of cash. The app allows users to connect their bank accounts and access cash from participating merchants, eliminating the need for traditional ATMs. The idea for the app came to founder D’Ontra Hughes while he was working at a pub, where he recognized the need for a more convenient method of accessing cash. Since then, Spare has raised $347,000 in funding and is actively seeking new retailers to join their program.

Currently, the Spare Mobile ATM app is only available on Apple devices, but an Android version is expected to be released soon, further expanding their user base and reach.

Key Takeaways:

• Spare Mobile ATM appeared on Shark Tank Season 10 and received an investment of $500,000 from Mark Cuban.
• The app allows users to connect their bank accounts and access cash from participating merchants, offering a convenient alternative to traditional ATMs.
• Spare Mobile ATM has raised $347,000 in funding and is actively seeking new retailers to join their program.
• An Android version of the app is expected to be released soon, expanding its user base.

Spare Mobile ATM Partnership and Growth

Spare Mobile ATM has forged valuable partnerships with industry leaders, including Master Card and LiteLink Technologies Inc. These strategic alliances have allowed Spare to expand its reach and offer enhanced benefits to its growing user base.

Master Card Partnership

Through its partnership with Master Card, Spare Mobile ATM has been able to provide users with access to a wider network of participating merchants. This collaboration has enabled users to conveniently withdraw cash from a multitude of locations, ensuring maximum accessibility and convenience.

LiteLink Technologies Inc. Collaboration

In addition to its partnership with Master Card, Spare Mobile ATM has joined forces with LiteLink Technologies Inc. This collaboration has opened up new avenues for users and expanded Spare’s user base. Notably, uBuck users now have the ability to utilize Spare, further increasing the app’s reach and potential.

These partnerships have been instrumental in driving Spare Mobile ATM’s growth and success. As of February 2023, the company generates an impressive $4 million in annual revenue. While Spare is actively seeking new retailers to participate in their program and has plans for further expansion, the existing partnerships have already laid a strong foundation for future growth.

Partnership Benefits	Revenue Growth
Access to wider network of participating merchants	$4 million in annual revenue as of February 2023
Enhanced convenience for users
Increased user base through LiteLink Technologies Inc. collaboration

Spare Mobile ATM Competitors and Current Status

As the mobile banking industry continues to grow, Spare Mobile ATM faces competition from several other players in the market, including Sonect, soCash, and Barzahlen. These apps offer similar services, connecting users with participating merchants for cash withdrawals.

However, despite the competition, Spare Mobile ATM remains committed to being the first to market in the United States. While their deal with Mark Cuban is still being finalized and the app is currently only available in Los Angeles, Spare Mobile ATM is fully operational and generating a significant $4 million in annual revenue as of February 2023.

Our ongoing operations include actively seeking new partnerships and expanding our presence in other cities across the country. We are focused on providing users with a convenient alternative to traditional ATMs and are continuously working to improve our services and offerings.

In addition to our growth plans, we are also developing an Android version of the app, which will further expand our user base and increase accessibility for individuals using Android devices. Our commitment to innovation and expansion sets us apart from our competitors and positions us as a leading player in the mobile banking industry.