CoinOut is a perfect example of how one idea — no matter how shaky its beginning — can find traction through persistence and pivoting. What began as a concept to digitize spare change eventually became a household cashback app that pulled in millions of users and was eventually acquired for a sizable sum.
Here’s a detailed look into how CoinOut evolved from a niche payment solution to a $12 million-a-year business — and what happened after it was acquired.
CoinOut’s Humble Start on Shark Tank
Back in 2018, Jeff Witten, a young entrepreneur and Columbia Law graduate, walked into the Shark Tank on Season 9, Episode 23, asking for $250,000 in exchange for a 7.5% equity stake, placing CoinOut’s valuation at around $3.3 million.
At the time, the business was built around a plastic card that let users store their spare change digitally when paying cash at partner retailers. Jeff’s pitch aimed to solve the age-old issue of loose coins cluttering wallets and pockets. But the sharks had questions — lots of them.
Kevin O’Leary wanted to know how users would actually retrieve their funds. Jeff explained they could redeem through direct deposit, Amazon gift cards, store credits, or even donate the money to charity. While his answer showed thought, the sharks were skeptical about CoinOut’s ability to compete with financial giants and payment tech firms.
Still, three sharks made offers. Barbara Corcoran proposed $250,000 for 15%, but only if CoinOut could land 700 new retail locations in six months. Kevin O’Leary wanted 25% for the same amount. Robert Herjavec offered a clean $250,000 for 15% — the offer Jeff ultimately accepted on-air.
But the deal with Robert never closed after the show.
Pivot to Cashback App Was a Game-Changer
Shortly after filming wrapped, Jeff realized the original card-based model wouldn’t scale easily. So, he re-engineered CoinOut into a mobile app, removing the need for physical cards altogether.
The new version focused on offering cashback rewards to users who scanned their purchase receipts through the app. It tapped into a trend many companies were just beginning to explore — giving users small payouts in exchange for valuable consumer purchase data.
The app was a hit. It appealed to everyday users looking for quick ways to save, and to marketers wanting real-time insights into shopping behavior. This pivot set the stage for CoinOut’s big break.
Revenue Soars and Acquisition Follows
By 2021, CoinOut was processing over 3 million receipt scans per month, which translated into $12 million in annual revenue. This explosive growth caught the attention of Information Resources, Inc. (IRI) — a market analytics and data firm.
Later that year, IRI acquired CoinOut, adding its receipt-scanning capabilities and consumer behavior data to its own product suite. IRI already had partnerships with brands and retailers like CVS, Kroger, Speedway, and 7-Eleven, so CoinOut’s functionality was a perfect match.
Although Jeff Witten stepped down as CEO in 2022, the app continues to be available on Google Play and the App Store. Under IRI’s ownership, it still functions as a simple and rewarding way for users to earn cash by uploading shopping receipts.
Who Is Jeff Witten?
Jeff Witten, the brains behind CoinOut, comes from a legal and financial background. Before founding the app, he worked in mobile payments and fintech, which helped shape the early ideas for CoinOut. While his exact age isn’t publicly documented, he was estimated to be in his late 20s during his Shark Tank appearance, placing him in his mid-30s today.
He hasn’t publicly shared much about his personal or family life. However, after leaving CoinOut in 2022, he shifted into advising and investing in early-stage start-ups, using his experience to guide new entrepreneurs navigating tough markets.
As of now, Jeff Witten’s net worth is not officially disclosed, but given CoinOut’s acquisition and prior business traction, estimates suggest his wealth may range in the low seven figures, largely thanks to his equity in CoinOut before the sale to IRI.
Why CoinOut Stood Out
What separated CoinOut from countless other receipt-scanning or cashback apps was its simplicity and low entry barrier. Users didn’t need to shop at specific stores, activate offers, or scan barcodes. They simply uploaded receipts — from nearly any store — and earned money back. This ease-of-use earned the app a strong reputation among budget-conscious users.
But more importantly, CoinOut became a data goldmine. As more people used it, it gathered information on shopping patterns and habits — valuable data that large companies paid to access. This business-to-business revenue stream made CoinOut far more sustainable than similar apps that relied solely on affiliate deals.
CoinOut Today: Still Going Strong
Even after Jeff Witten’s exit, CoinOut remains active. The app continues to function under IRI’s management, quietly offering users cashback while helping brands fine-tune their marketing strategies through real-world purchasing data.
It might not be grabbing headlines anymore, but it’s a solid app with a smart business model that now serves both consumers and corporations.
Final Thoughts
CoinOut’s story is a reminder that even if a Shark Tank deal doesn’t go through, a determined founder can still find success. Jeff Witten’s idea evolved, adapted, and eventually exited on a high note with a reported revenue of $12 million before its acquisition.
For anyone with a side hustle or start-up dream, CoinOut proves that flexibility, timing, and persistence are just as valuable as the initial idea.
