CoinOut has come a long way since its humble beginnings in 2015. Founded by Jeffrey Witten and Andy Pliszka, the app was created to make cashback rewards as easy as snapping a photo of a receipt. After a memorable pitch on Shark Tank in 2018, CoinOut gained significant traction, eventually being acquired by IRI Worldwide.
Here’s a closer look at the story behind CoinOut and its impressive growth.
Key Information About CoinOut
| Details | Information |
|---|---|
| Founders | Jeffrey Witten, Andy Pliszka |
| Founded | 2015 |
| Industry | Financial Software |
| Shark Tank Deal | $250,000 for 15% equity with Robert Herjavec |
| Funding Raised | $2 million |
| Acquisition | Acquired by IRI Worldwide in March 2021 |
| Annual Revenue | $12 million (2021) |
| Estimated Net Worth | $30 million ( late 2024) |
| Competitors | Ibotta, Fetch Rewards |
Who Founded CoinOut?
Jeffrey Witten and Andy Pliszka wanted to solve a common problem—what to do with all those small change coins. They developed CoinOut to turn loose change into digital cashback rewards, helping people get something valuable out of every receipt they scanned.
Jeffrey’s financial background as an investment banker brought strategic insights to the business, while Andy’s technical skills helped develop the easy-to-use app. Together, they built a platform that’s now a favorite for shoppers everywhere.
CoinOut’s Shark Tank Pitch
In 2018, Jeffrey Witten appeared on Shark Tank to pitch CoinOut. He asked for $250,000 in exchange for 7.5% equity, valuing the business at $3.3 million.
Here’s how it played out:
| Pitch Details | Information |
|---|---|
| Episode | Season 9, Episode 23 (February 2018) |
| Ask | $250,000 for 7.5% equity |
| Valuation | $3.3 million |
| Deal Secured | $250,000 for 15% equity with Robert Herjavec |
| Sharks’ Feedback | Liked the idea but raised concerns about scaling the business. |
Robert Herjavec ultimately made a deal, offering both funding and mentorship that would help CoinOut grow into the powerhouse it is today.
CoinOut Net Worth
CoinOut apps estimated net worth is around $15 million as of 2024, and the brand generates an annual revenue of approximately $8 million. It was founded by Jeff Witten, the app’s popularity suddenly risen after its appearance on Shark Tank and partnering with Robert Herjavec. After securing a deal with Robert Herjavec CoinOut has become a go-to solution for users who are looking to save money and earn rewards effortlessly.
Also read: Hummviewer Net Worth: A Journey from Shark Tank to Market Success
How CoinOut Is Doing After Shark Tank?
After the Shark Tank episode aired, CoinOut saw a surge in downloads and interest. Here’s what they achieved:
- Growing Their User Base: Millions of users joined the app to start earning cashback.
- Increasing Revenue: By 2021, the company was generating $12 million in annual revenue.
- Forging Partnerships: CoinOut partnered with major retailers to enhance its rewards program.
In 2021, the app reached another milestone when it was acquired by IRI Worldwide. This acquisition allowed CoinOut to expand its offerings while leveraging IRI’s data and resources.
Now, CoinOut is one of the most trusted apps for earning cashback, competing with popular platforms like Ibotta and Fetch Rewards. With its simple design and innovative features, it’s still a go-to solution for anyone looking to save a little extra money.
As of late 2024, CoinOut has an estimated net worth of $30 million and continues to thrive in the financial technology space.
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