When Jeff Witten pitched his startup CoinOut on Shark Tank in 2017, he was hoping to revolutionize payments with a new card that let users store spare change from cash purchases. Though he secured a deal with Robert Herjavec, that partnership ended up falling through after the show aired. However, CoinOut still went on to become a success story. So what really happened after the cameras stopped rolling? Let’s take a look at The Real Net Worth of Coin Out and How Much Is This Tech Giant Revenue & Worth?
A Rocky Start
On Shark Tank, the Sharks challenged Jeff on CoinOut’s business model, questioning why retailers would pay subscription fees and transaction costs to use the card. Jeff stood firm on its value in integrating loyalty programs and selling user data. After tense negotiations, he settled on a $250,000 investment from Robert Herjavec for 15% equity.
Initially, it seemed like a done deal. But once the episode aired, that offer actually fell apart behind the scenes. As Jeff later told Columbia Magazine, this ended up being “lucky for us, in retrospect.” CoinOut likely would have been undervalued in that agreement.
An Important Shift
As viewers learned in the episode, CoinOut wasn’t relying solely on spare change. The real value was in the consumer data gathered when users registered their cards. As Mark Cuban noted, focusing on the physical card was a mistake.
Jeff took this feedback to heart. Shortly after filming, CoinOut pivoted to a mobile app model focused on receipt scanning for cash back rewards. This allowed them to double down on their data and analytics capabilities. By 2020, they had launched a full data platform to sell insights to major retailers.
Acquisition by a Tech Giant
That new direction soon caught the eye of Informed Data Resources Inc. (IRI), a market research titan working with companies like CVS, Kroger and 7-Eleven. In May 2021, IRI acquired CoinOut in full. The terms of the deal were not disclosed publicly. However, it’s likely CoinOut’s dataset of 80 million purchases from over 2 million users was invaluable to IRI.
Jeff also noted that he felt CoinOut had “only scratched the surface” of what they could achieve. IRI’s acquisition will now give them far greater resources and connections to continue that mission.
The Bottom Line
Today, the CoinOut app is still available on iOS and Android under IRI’s management. Jeff stepped down as CEO in 2022, but serves as an advisor to several startups. He also mentors young entrepreneurs as the Chairman of Columbia University’s Center for Business, Law and Public Policy.
So while CoinOut’s appearance on Shark Tank had some twists and turns, its real net worth shines through IRI’s multimillion dollar acquisition. Even billion dollar companies have seen the value in this startup’s data capabilities. It just goes to show that with persistence, flexibility and helpful mentors, a scrappy idea can turn into major profits. The CoinOut story stands as inspiration, and as proof, that a company’s worth extends far beyond what any one investor is willing to pay. I sincerely hope you find this “The Real Net Worth of Coin Out- How Much Is This Tech Giant Revenue & Worth?” article helpful.
