Managing loose change is a daily annoyance for a lot of individuals. Carrying or using coins might be inconvenient, whether you’re trying to manage minor transactions or have a few leftovers after a purchase.
Recognizing this prevalent problem, Jeff Witten developed the CoinOut app to address it. CoinOut allowed users to scan their receipts for cash back or deposit leftover change into a digital account, doing away with the need to keep money. Through the streamlining of the payment process, the app benefited both consumers and retailers.
Jeff presented his creative idea on Shark Tank, looking for a $250,000 investment for 7.5% equity. He described in this episode how CoinOut makes daily transactions easier for both customers and retailers. Did the entrepreneur get a deal on Shark Tank? Check out our CoinOut update to find out!
coinOut net worth 2024
Jeff Witten asked for a $250k investment in exchange for 7.5% equity in his company. This meant he valued his company at approximately $3.33 million. After impressing the sharks, he accepted Robert Herjavec’s offer of $250,000 for 15% equity in the company.
After the show aired, CoinOut saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of CoinOut in 2024 is about $4.5 million.
CoinOut Shark Tank Update
As for a CoinOut update, CoinOut did not stop growing once it was featured on Shark Tank. Even when the agreement with Robert Herjavec fell through, the app’s user base continued to expand. By 2021, CoinOut was scanning over 3 million receipts each month, bringing in millions of cash.
Data analytics and market research company IRI Worldwide purchased the business in March 2021 for an unknown sum. For CoinOut, the acquisition was a major turning point that cemented its standing as a popular software. With an increasing user base and sustained success in the cash management and receipt monitoring sectors, CoinOut is still operating as of today.
Yes, Jeff Witten landed a deal on Shark Tank. He had originally requested $250,000 for 7.5% equity, but Robert Herjavec, impressed by the idea, offered $250,000 for 15% equity, which Jeff accepted.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | $250,000 for a 15% stake, contingent upon a successful pilot with a large retailer | $250,000 for a 15% equity, contingent upon obtaining 700 locations by year-end | Yes |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | $250,000 for 25% equity | N/A | No |
| Barbara Corcoran | $250,000 for a 15% equity, contingent upon obtaining 700 locations by year end | N/A | No |
| Mark Cuban | Out | N/A | N/A |
CoinOut Shark Tank Pitch
One common problem that motivated Jeff Witten to create CoinOut was organizing loose change. He saw that carrying little sums of cash after every transaction was annoying and that people frequently lost or overlooked these coins.
Jeff, a Harvard graduate and former analyst at Goldman Sachs, intended to use technology to address this problem. With CoinOut, he aims to make it easier for consumers to digitize change and receive discounts on regular transactions by just scanning their receipts.
But developing CoinOut wasn’t without its difficulties. Jeff had to work out how to work with merchants early on to make sure the app was both helpful to businesses and easy to use for consumers. It was challenging to get stores to accept this new approach, but in the end, his persistence paid off.
Jeff clarified that CoinOut enables customers to receive rewards by scanning receipts from any retailer or depositing additional cash at participating businesses during his Shark Tank pitch. The user’s phone number is connected directly to the app, and cashing out is easy. Customers have the option to make charitable donations, receive an Amazon gift card, or transfer money to their bank. To register, no financial information is needed.
Initially, CoinOut was limited to working with particular retailers, but Jeff had already made the program much more accessible by expanding its ability to take receipts from any retailer. He added businesses were only charged a modest portion of each transaction made through the app, and there were no upfront fees for users. Keep reading our CoinOut update to see what happens next!
Kevin O’Leary was worried that CoinOut would be crushed by bigger payment processors. Jeff responded CoinOut provided a novel, innovative approach and that conventional processing technologies were becoming outdated.
Robert Herjavec asked how he made money. Jeff responded he recharges merchants 20 bucks a month, and he also earns 3% with each transaction.
Mark Cuban inquired about Jeff’s personal investment. Jeff revealed he invested $460,000, which he raised from friends, family, and some of his one money.
Kevin O’Leary thought that CoinOut would face difficult competition from larger competitors, so he offered $250,000 for 25% stock.
Robert Herjavec wanted to assist Jeff in securing a significant deal with a shop, so he paid $250,000 for 15% equity without requiring Jeff to sign up for any particular retailer. Jeff accepted Robert’s offer since he thought it was the best.
Barbara Corcoran approved of the idea. Barbara insisted Jeff sign up 700 businesses by the end of 2018. Conditional to achieving this aim, she offered $250,000 for 15% equity. Jeff had a hard time accepting the requirement.
Mark Cuban was considering making an offer, but he decided against it because he thought Jeff wasn’t considering the market sufficiently.
Lori Greiner was glad of the concept but decided against it because she was concerned about the return on her investment.
Product Availability
From our CoinOut update research, CoinOut is available for download on both iOS and Android platforms. Users of the software are free to scan receipts from any retailer. It provides several ways to cash out, including bank transfers, Amazon gift cards, and charitable contributions.
Reviews of the app have been favorable because of its easy-to-use interface and the convenience it offers. That CoinOut has partnered with well-known merchants and seen steady user growth is evidence of its success.
Conclusion
During CoinOut’s Shark Tank adventure, Jeff Witten’s creative solution to the problem of lost change and small transactions was shown. With a sizable and devoted user base, CoinOut has prospered despite the collapse of the Robert Herjavec transaction.
Another big step in the company’s progress was the acquisition by IRI Worldwide. Because of Jeff’s determination and progressive mindset, CoinOut is still a well-liked software for both customers and retailers. CoinOut is still expanding as of today, and there might be even more fascinating advancements to come.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
