Jeff Witten founded CoinOut, a mobile app that allows users to scan receipts and earn cashback, in 2016. After appearing on Shark Tank and securing a $250,000 deal with Mark Cuban, CoinOut gained significant traction.
The company has since partnered with major retailers and expanded its user base. As of 2024, CoinOut is valued at approximately $5 million.
CoinOut raised additional funds through private investors, enhancing its technology and features to maintain a competitive edge in the cashback app market.
CoinOut Net Worth
| Estimated Net worth | $5 million (2024) |
| Annual Sales Revenue | $12 million (2024) |
| Lifetime Sales | Not available |
| Investor | Robert Herjavec |
| Founder | Jeff Witten |
| Employees | 25 |
CoinOut Pitch on Shark Tank
| Company name | CoinOut |
| Product | Digital Receipt Tracking Mobile app |
| Episode | Season 09 Episode 23 |
| Founder | Jeff Witten |
| Asked for | $250,000 for 7.5% equity |
| Final deal | $250,000 for 15% equity |
| Shark | Robert Herjavec |
| Location | New York, United States |
Don’t miss these products from Season 9
CoinOut Founder
CoinOut was founded by Jeff Witten in 2016. The idea for CoinOut came to Witten when he was working as a cashier at a grocery store. He noticed that many customers would leave their spare change behind. And he thought there had to be a better way to collect it. Then he developed an app that allows users to scan their receipts and earn cash back for their spare change. CoinOut’s founder, Jeff Witten has an approximate net worth of $5 million, as of 2024.
Key accomplishments
| Year | Accomplishment |
| 2018 | Appeared on Shark tank season 09 episode 23. |
| 2021 | Grow their user base over 3 Million. Company has generated $12 Million sales. |
Conclusion
From their beginnings on Shark Tank to their current status as a thriving business, they have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for CoinOut and its continued success.
