Last into the tank is Jeff Witten of CoinOut, seeking $250,000 for seven-and-a-half percent equity.
CoinOut is a digital wallet that turns pocket change into savings. According to their website, users simply “pay with cash and save your change to your phone number at any participating merchant” by scanning receipts from recent transactions and getting cash back. Retailers include McDonald’s, Burger King, Chipotle, KFC and more. The app is available for free in both the App Store and on Google Play.
They currently have four cash out options, including redeeming it in a store. Kevin O’Leary questions how he won’t get “crushed like a cockroach” in the industry. Witten assures him that their technology is difficult to replicate.
Robert Herjavec thinks it’s “a great idea” but Mark Cuban is shocked to learn that participating merchants are charged $20 a month. Witten says he wants to be the next Scrub Daddy, a huge “Shark Tank” success. Cuban, however, thinks it would be expensive to get people to use the app. Meanwhile, Barbara Corcoran likes that Witten is treating the sharks like his equal.
Cuban, however, does like the loyalty program aspect, which he calls “brilliant.” He doesn’t like the CoinOut side, though. He goes out, followed by Lori Greiner. Corcoran sees its potential and offers $250,000 for 15 percent contingent on getting into 700 retailers by the end of the year. Witten pushes back due to the contingency, despite the fact that it was based on his own projection. She goes out.
Kevin O’Leary then jumps in with an offer of $250,000 for 25 percent, while Herjavec offers $250,000 for 15 percent contingent on a successful pilot with a large retailer. He counters 10 percent, which Herjavec declines. Witten says his maximum is 12.5 percent equity, which Herjavec declines again. Ultimately, he accepts Herjavec’s original offer.
Social Media Reacts to CoinOut’s Appearance on “Shark Tank”
It cannot be that huge of a market…the loose change “problem” is still mind blowing to me. Money is money!! #coinout #SharkTank
— Amy Naas (@AmyNaas) February 19, 2018
This #coinout dude doesn't deserve anything. All of the sudden he turned really smug, and HE'S ASKING FOR MONEY. Robert might put thus idea on the shelf. #SharkTank
— cooliojones (@cooliojones) February 19, 2018
Loving this guy on #SharkTank seriously the best salesman #coinout
— Captain ⛵️⚓️ (@GradeAShade) February 19, 2018
Robert: “I hate carrying change.”
Barbara: “That’s because you’re rich.” #BOOM Exactly! #coinout #SharkTank
— Amy Naas (@AmyNaas) February 19, 2018
@ScrubDaddy had a huge market and solved very common problems
I don't see the need for the #CoinOut guy
I would never use it & I didn't see the benefit for the retailer to??#SharkTank
— Lo-Bak TRAX (@LoBakTrax) February 19, 2018
I love my change @coinout #sharktank
— Jacqueline E (@helpbusinesses) February 19, 2018
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use CoinOut? Sound off in the comments section below!