The purpose of Spare was to assist those who have difficulty accessing ATMs or banks. A large number of Americans lack access to traditional banking services and are either underbanked or unbanked. They frequently pay exorbitant fees at ATMs run by third parties. Reducing these fees and providing a better method of withdrawal were Spare’s objectives.
D’ontra Hughes the company’s founder made a Shark Tank pitch during Season 10. He requested 3.5 percent equity in return for $500,000. The business plan and the meager equity offered worried the Sharks. Will the entrepreneur get a deal on Shark Tank? Check out Spare update to find out!
Spare Net Worth Shark Tank Update 2025
D’ontra Hughes asked for a $500,000 investment in exchange for 3.5% equity in his company, Spare. This meant he valued his company at $14.3 million. He made a deal with Mark Cuban for $500,000 in exchange for 12% equity and 2% advisory shares. This new deal valued his company at $4.17 million. After the show aired, Spare 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 Spare is about $6.76 million.
After the show, Spare did not complete the agreement with Mark Cuban. Nevertheless, the business has expanded greatly. The use of Spare increased during the pandemic in 2020. Its income nearly tripled to $4.1 million by 2021. Over 2,500 merchants who serve as cash dispensers are currently partners of Spare.
These retailers assist customers by avoiding conventional ATMs. This service is particularly crucial for those who wish to avoid paying excessive fees and only need to withdraw small amounts of money. As of 2024 Spare is still in operation. Its services are still being expanded. Spare is available to customers via its app and affiliated retailers.
D’ontra Hughes and Mark Cuban struck a deal on Shark Tank. Mark made a $500,000 offer for 2% advisory shares and 12% equity. On the show, Hughes agreed to the offer. But the deal was never completed. Mark Cuban does not have Spare in his portfolio. This indicates that they did not finish their partnership after the show aired. Spare has nevertheless developed and prospered independently.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | $500,000 for 12% equity and 2% advisory shares | N/A | Yes |
| Lori Greiner | Out | N/A | N/A |
Spare Shark Tank pitch
D’Ontra Hughes founded Spare to address an issue that many people encounter. Underbanked people frequently pay high fees to withdraw cash. Those who use ATMs frequently throughout the month may find that these fees quickly mount up.
For these individuals, Hughes aimed to develop a more affordable and easily accessible method of receiving their money. Hughes has disclosed the difficulties he encountered as a Black businessman in the financial sector. He clarified that because of his background, investors frequently had their doubts.
He claimed that funding was easier to obtain for other founders with comparable concepts. It took a lot of effort on Hughes’s part to establish the worth and reliability of his business. Developing trust with consumers and merchants was another difficulty. Spare depends on neighborhood businesses to serve as cash dispensers. These companies needed to be persuaded to join Hughes’ network.
Additionally, he had to create a safe platform that clients could use to invest their money. Hughes overcame these challenges thanks to his vision and tenacity. Today, Spare is a prosperous company that saves thousands of dollars.
D’ontra Hughes presented the sharks with his company, Spare. He described Spare’s operation. It enables people to obtain cash at a reduced cost. It collaborates with nearby companies to offer cash access. He requested $500,000 for a 3.5% stake in his business. The small equity worried the sharks. D’ontra described the service’s operation and how it benefited marginalized communities.
He claimed that more than 2,500 merchants were using Spare to supply money. His service was expanding quickly. He also talked about how the business fared well throughout the pandemic. He made it apparent that the public desired a more efficient method of transferring funds within their local communities. The sharks were skeptical in spite of these arguments.
The sharks probed the company with direct inquiries. They were curious about Spare’s earnings. They wanted to find out whether the service would be utilized. A few sharks thought the business plan was too weak to expand. They didn’t think there was a big enough market for this service. D’ontra made an effort to explain his concept and prove its viability. The sharks didn’t believe it.
The majority of the sharks left one by one. Mark Cuban was the only one left. He made an offer after recognizing the business’s potential. The offer of $500,000 for 12% equity and 2% advisory shares was accepted by D’ontra.
The sharks asked D’ontra a lot of questions concerning Spare. Kevin O’Leary was among the first to voice concerns. He wanted to know if a few cents more in ATM fees would make a difference. He believed that the majority of people would not mind paying the slight additional cost. In response, D’ontra stated that his clients are searching for ways to cut costs.
High fees are not something they want to pay. He emphasized that underprivileged areas needed his assistance. This argument did not sit well with Kevin. He claimed that saving a little money wouldn’t be enough to get people to behave differently.
Lori Greiner was worried too. She was curious about the actual number of users of Spare’s service. More than 2,500 merchants have partnered with the platform, according to D’ontra. The sharks were also interested in Spare’s earnings. D’ontra informed them that the business was expanding quickly. It had grown significantly during the pandemic and had a healthy revenue stream.
The other sharks didn’t seem as interested as Mark Cuban. He questioned D’ontra about the possibility of development. D’ontra stated that he could reach a lot more cities and nations with his service. The concept intrigued Mark. The other sharks though were less persuaded.
They each left one by one. The sharks didn’t think Spare was prepared for a big investment. They believed the business model was weak and the market was too small. Mark Cuban made an offer to D’ontra in spite of these reservations. He believed the company had potential but it required more support. D’ontra had to bargain for a bigger stake in the business.
The sharks wanted more than the 3.5% he was requesting. Mark Cuban made a $500,000 offer with 12% equity. D’ontra accepted the arrangement. However, after the show aired, this deal did not close.
D’ontra’s pitch did not convince all of the sharks. The first person to leave was Kevin O’Leary. He believed that the service was not receiving enough interest. He believed that minor ATM fees would not be significant to the public. Barbara Corcoran and Lori Greiner also left for comparable reasons. They didn’t think the service had a large enough market. They believed it to be too specialized.
Daymond John was also not convinced that the company would expand sufficiently. He also left.
Mark Cuban was still intrigued. He recognized Spare’s growth potential. He thought D’ontra could turn the company around. Mark offered $500,000 for 2% advisory shares and 12% equity. The offer was accepted by D’ontra. But the deal never closed after the show aired. The investment made by Mark Cuban never materialized. The reasons for this are unclear but it is common for deals made on Shark Tank not to close after filming.
D’ontra’s business continued to expand in spite of this. Spare’s user base kept growing and expanding. In 2021 the business even tripled its revenue.
What Went With Spare on Shark Tank?
Spare encountered several difficulties on Shark Tank. The equity offer was one of the main problems. D’ontra was requesting $500,000 in exchange for only 3.5% equity. For the sharks this was a fairly insignificant quantity. They desired a larger portion of the business. Although D’ontra was open to a discussion the sharks were unwilling to risk such a small amount. During the negotiations, this led to some tension.
The market for this service was deemed insufficiently large by Kevin O’Leary and the other sharks. They believed that saving little sums of money on ATM fees would not be significant to the public. As a result the sharks gradually left. Mark Cuban continued engaging.While he desired more equity he recognised the business’s potential. He made an offer of $500,000 with 12% equity. The deal did not close after the show aired despite D’ontra’s acceptance.
Product Availability
A mobile ATM service is called Spare. It enables more affordable access to cash. The way the service operates is by collaborating with retailers. The rates for cash withdrawals from these merchants are lower than those of standard ATMs. The platform offered by Spare makes the service accessible. The app allows users to locate participating retailers.
The product can be purchased online at the Spare website. Physical locations where merchants have partnered with the platform can also access Spare’s services. There are some cities where the service is offered. Spare’s reach is growing. The product is more affordable than third-party ATMs and is accessible to anyone who needs cash.
Conclusion
Spare faced many difficulties during his time on Shark Tank. D’ontra Hughes struggled to secure a deal despite having a brilliant idea. The business plan failed to persuade the sharks. Despite Mark Cuban’s offer, the deal never went through. Spares continued to grow in spite of this. In 2021 the company’s revenue tripled. Spare is still operating today. They still offer underprivileged communities financial services.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
