Jeff Witten hopes to cash in with Coinout, his cash transaction app, in Shark Tank episode 921. Witten was a Googler in 2013 where he worked in the mobile payments space. He originally envisioned an app that made making change easier for both merchants and customers. When Coinout launched in January, 2017, it only worked with certain merchants, now consumers can earn cash back from any receipt.
Coinout works two ways. The first way is consumers can earn cash back on any purchase. Simply scan your receipt in the app and money is instantly added to your account. There is a three scan limit per day. The second way to add funds to your Coinout account is using a merchant that signed up for the service. When you pay with cash, you can opt to have your change deposited into your account. You can also pay with your balance at these participating locations. Each account is keyed to your cell phone number.
When you want to cash out, you hit the cash out button in the app. You can digitally donate the funds to a charity, get an Amazon gift card, or have the funds deposited into a bank account. Other than adding a bank account to get paid, there is no financial information required to sign up. When the app first launched, it only allowed consumers to scan receipts from select merchants. Now, you can earn cash back on any receipts.
The reviews in the app store are all very positive. People LOVE earning money on something they already do anyway and merchants like the convenience. Making change is a pain for many small businesses and this app simplifies things. For consumers, it's free to use. Merchants pay a $10 monthly fee to add Coinout to their payment processing system. Witten likely wants a Shark's help expanding his merchant list. Will a Shark cash in on Coinout?
Coinout Company Information
Posts About Coinout on Shark Tank Blog
Coinout Shark Tank Recap
Jeff will pitch the panel of five Sharks on the business and its prospects for growth. He'll need to convince Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Grenier, and Robert Herjavec that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but he’ll need to show them HE is capable of running the company to “Shark standards." A full pitch re-cap on Coinout will be available on Shark Tank Blog once this episode airs.
Coinout Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on Coinout & Jeff Witten as more details become available.