What Happened To CoinOut After Shark Tank?

This post may contain affiliate links and I may receive a small commission if you make a purchase using these links – at no extra cost for you. Please read my disclaimer here.

CoinOut is a mobile app that allows users to turn their loose change into digital currency. The app was founded in 2017 by Jeff Witten, a former Wall Street analyst, with the mission of making it easier for people to save and manage their money.

CoinOut aims to simplify the process of saving by providing a convenient and user-friendly platform for users to deposit their spare change. Shark Tank is a popular reality TV show where aspiring entrepreneurs pitch their business ideas to a panel of successful investors, known as the "sharks."

The show provides a platform for entrepreneurs to showcase their products or services and potentially secure funding from the sharks. Shark Tank has become a significant platform in the business world, with many successful companies attributing their growth and success to their appearance on the show.

Key takeaways

  • CoinOut is a mobile app that allows users to receive cash back for their purchases.
  • CoinOut appeared on Shark Tank in 2018 and received an investment from Mark Cuban.
  • The Sharks were impressed with CoinOut's simplicity and potential for growth.
  • CoinOut has since expanded and formed partnerships with major retailers.
  • CoinOut's success on Shark Tank has helped it become a leader in the cash back app industry.

CoinOut's appearance on Shark Tank

CoinOut made its appearance on Shark Tank in 2018, presenting its innovative solution for turning loose change into digital currency. During the pitch, Jeff Witten explained how CoinOut works and demonstrated the app's features. Users simply need to take a picture of their receipt using the app, and CoinOut automatically deposits the spare change into their digital wallet.

CoinOut's appearance on Shark Tank

The product's simplicity and convenience were highlighted during the pitch. CoinOut eliminates the need for users to carry around loose change or go through the hassle of counting and sorting it. The app also provides users with a clear overview of their savings, making it easier for them to track their progress towards their financial goals.

CoinOut solves a common problem faced by consumers – dealing with loose change. Many people find themselves accumulating loose change over time, which can be inconvenient and time-consuming to count and deposit at a bank. CoinOut offers a simple solution that allows users to easily convert their loose change into digital currency, making it more accessible and manageable.

The Sharks' reactions to CoinOut

The sharks were initially intrigued by CoinOut's pitch and saw the potential in the product. They recognized the convenience and simplicity that CoinOut offered to users. However, they also raised some questions and concerns about the scalability and profitability of the business.

Some of the concerns raised by the sharks included the competition in the market and the potential for fraud or abuse of the system. They questioned whether CoinOut could differentiate itself from other similar apps and how it planned to monetize its platform. The sharks also wanted to understand how CoinOut planned to attract and retain users in a crowded market.

CoinOut was able to address these concerns by highlighting its unique features and value proposition. The company emphasized its focus on user experience and its commitment to providing a secure and reliable platform. CoinOut also outlined its plans for monetization, including partnerships with retailers and targeted advertising.

CoinOut's deal with Mark Cuban

After a series of negotiations, CoinOut struck a deal with Mark Cuban, one of the sharks on Shark Tank. Mark offered $250,000 for a 15% equity stake in the company. CoinOut accepted the deal, seeing it as an opportunity to leverage Mark's expertise and network to accelerate their growth.

CoinOut chose to accept Mark's offer because they believed that his experience and connections in the tech industry would be invaluable in helping them scale their business. Mark's reputation as a successful investor and entrepreneur also added credibility to CoinOut, which could help attract more users and potential partners.

While there were potential drawbacks to accepting the deal, such as giving up a larger portion of equity, CoinOut saw the benefits outweighing the drawbacks. They believed that partnering with Mark Cuban would provide them with the resources and guidance needed to take their business to the next level.

CoinOut's deal with Mark Cuban

CoinOut's post-Shark Tank success

CoinOut experienced significant success following its appearance on Shark Tank. The exposure from the show helped increase awareness of the app, leading to a surge in user sign-ups and downloads. CoinOut also received positive media coverage, further boosting its visibility and credibility.

The factors that contributed to CoinOut's success post-Shark Tank included the simplicity and convenience of the app, as well as the positive reviews and word-of-mouth recommendations from users. CoinOut's ability to effectively address the concerns raised by the sharks also played a crucial role in gaining trust and attracting users.

CoinOut's sustained success can be attributed to its commitment to continuous improvement and innovation. The company regularly updates its app with new features and enhancements based on user feedback. This iterative approach has helped CoinOut stay ahead of the competition and maintain its position as a leader in the market.

CoinOut's expansion and partnerships

Following its success on Shark Tank, CoinOut expanded its services into new markets. The company formed partnerships with retailers and businesses to offer additional benefits to its users. These partnerships allowed CoinOut to tap into new customer segments and provide added value to its users.

The partnerships with retailers enabled CoinOut users to earn additional rewards and discounts when they made purchases using the app. This not only incentivized users to continue using CoinOut but also helped drive traffic and sales for the partner businesses.

While these partnerships provided significant benefits for CoinOut, there were also potential drawbacks. The company had to ensure that the partnerships aligned with its mission and values, and that they did not compromise the user experience or security of the app. CoinOut also had to carefully manage these partnerships to avoid any conflicts of interest or negative impact on its brand reputation.

CoinOut's user base and reviews

CoinOut has built a strong user base since its appearance on Shark Tank. The app has attracted a diverse range of users, including millennials, young professionals, and families. The simplicity and convenience of CoinOut have resonated with users who are looking for easy ways to save and manage their money.

Reviews and feedback from CoinOut's users have been overwhelmingly positive. Users appreciate the ease of use and the ability to turn their loose change into digital currency effortlessly. Many users have also praised CoinOut's customer service, highlighting the company's responsiveness and willingness to address any issues or concerns.

CoinOut's ability to meet the needs and expectations of its users has been a key factor in its success. The company has demonstrated a commitment to providing a seamless and enjoyable user experience, which has helped build trust and loyalty among its user base.

CoinOut's continued growth and development

CoinOut has ambitious plans for continued growth and development. The company aims to expand its user base and increase its market share by targeting new customer segments and entering new markets. CoinOut also plans to enhance its app with new features and functionalities to further improve the user experience.

CoinOut's continued growth and development

However, there are challenges and opportunities that CoinOut will need to navigate in order to achieve its growth goals. The competitive landscape is constantly evolving, with new players entering the market and existing players innovating their offerings. CoinOut will need to stay ahead of these trends and continue to differentiate itself from the competition.

CoinOut also faces opportunities in the form of strategic partnerships and collaborations. By partnering with other companies, CoinOut can leverage their resources, expertise, and customer base to accelerate its growth. These partnerships can also help CoinOut expand into new markets and reach new customer segments.

CoinOut's future plans and goals

CoinOut's future plans revolve around expanding its services and reaching a wider audience. The company aims to become the go-to platform for turning loose change into digital currency, not just in the United States but also globally. CoinOut plans to achieve this by partnering with international retailers and businesses, as well as by launching localized versions of its app in different countries.

To achieve its goals, CoinOut plans to invest in marketing and user acquisition strategies. The company will focus on raising awareness of its app and educating potential users about the benefits of using CoinOut. CoinOut also plans to continue improving its app based on user feedback and market trends.

CoinOut's impact on the industry and beyond

CoinOut's appearance on Shark Tank and subsequent success have had a significant impact on the industry and beyond. The company has disrupted the traditional way of dealing with loose change and has provided a simple and convenient solution for users to manage their money.

CoinOut's success story serves as an inspiration for aspiring entrepreneurs, showcasing the power of innovation and perseverance. The company's ability to address the concerns raised by the sharks and secure a deal with Mark Cuban demonstrates the importance of being prepared and adaptable in the face of challenges.

The lessons learned from CoinOut's success can be applied to other industries as well. The importance of providing a seamless user experience, addressing customer needs, and staying ahead of the competition are universal principles that can be applied to any business.

Overall, CoinOut's journey from appearing on Shark Tank to becoming a successful company highlights the potential for innovation and disruption in today's business landscape. By leveraging technology and focusing on user experience, companies like CoinOut can revolutionize industries and create new opportunities for growth.

FAQs

What is CoinOut?

CoinOut is a mobile app that allows users to scan their receipts and receive cash back rewards.

What happened to CoinOut after Shark Tank?

CoinOut appeared on Shark Tank in 2018 and received an investment from guest shark, Matt Higgins. Since then, the company has continued to grow and expand its services.

How does CoinOut work?

Users can download the CoinOut app and scan their receipts from any store. The app will automatically credit their account with cash back rewards, which can be redeemed for gift cards or transferred to a bank account.

Is CoinOut free to use?

Yes, CoinOut is free to download and use. There are no fees or hidden costs associated with the app.

What stores are eligible for CoinOut rewards?

CoinOut works with a wide range of retailers, including grocery stores, restaurants, and online retailers. Users can scan receipts from any store to earn rewards.

How much cash back can users earn with CoinOut?

The amount of cash back users can earn with CoinOut varies depending on the store and the items purchased. However, users can earn up to 5% cash back on their purchases.

Can users earn rewards for online purchases?

Yes, CoinOut offers cash back rewards for online purchases made through the app. Users can shop at participating retailers and earn rewards for their purchases.

How does CoinOut compare to other cash back apps?

CoinOut is unique in that it allows users to earn rewards for any receipt, regardless of where it was purchased. Other cash back apps may have restrictions on eligible stores or products.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}