Taking the plunge into the entrepreneurial ocean is a challenge that many face, but only a few navigate successfully. One such endeavor that not only navigated these waters but also managed to catch a favorable current is CoinOut, a digital wallet application.
After making a splash on Shark Tank in 2018, CoinOut has been on a journey of expansion and innovation.
This post will explore the recent developments of CoinOut post its Shark Tank appearance, shedding light on its growth, partnerships, and challenges.
CoinOut’s Shark Tank Experience
In Season 9 of Shark Tank, CoinOut’s founder, Jeffrey Witten, won over shark Robert Herjavec, securing a $250,000 deal for 15% equity in the company.
However, the deal with Herjavec never materialized, but that did not deter the digital wallet pp from sailing towards success.
Post Shark Tank Growth
Post Shark Tank, CoinOut continued to grow, with a significant milestone being its acquisition by IRI Worldwide.
While the exact value of the acquisition remains undisclosed, the company generated $12 million in sales in 2021, hinting at a promising increase in its net worth from the initial $3.3 million valuation during its Shark Tank pitch.
CoinOut’s Acquisition by IRI Worldwide
Post its Shark Tank appearance, CoinOut’s voyage garnered significant traction, culminating in its acquisition by IRI Worldwide.
Although the exact figures of the acquisition remain undisclosed, it is a notable milestone that underscores CoinOut’s value and potential in the fintech space.
The acquisition followed a successful year for CoinOut, which saw the company generating $12 million in sales in 2021.
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Acquisition Price
The acquisition price of CoinOut by IRI Worldwide has not been disclosed publicly, as confirmed by multiple sources.
The acquisition took place on May 4, 2021, but the exact financial details of the transaction remain undisclosed. This information is reiterated in several other publications and platforms, underscoring the confidential nature of the financial terms of the acquisition.
Implications
The acquisition by IRI Worldwide, a notable name in the realm of data and analytics, bodes well for CoinOut. It not only provides a robust platform for CoinOut to further its innovation but also aligns it with a veteran entity capable of navigating the complex fintech waters.
This alliance is likely to translate into enhanced features, better data analytics, and an expanded user base for CoinOut, propelling it further into the fintech stratosphere.
Future Prospects
With the backing of IRI Worldwide, CoinOut is poised to explore new dimensions in the fintech sector. The acquisition could lead to an influx of resources and expertise that might accelerate the development of new features and partnerships.
Moreover, being under the aegis of IRI Worldwide, CoinOut could delve deeper into data analytics to refine its cashback algorithms, offer better insights to retailers, and provide more value to its users.
Recent Developments
CoinOut has constantly been evolving its app to provide more value to its users. It now allows users to scan both physical and electronic receipts to earn cash back.
The process is simple: shop, scan your receipts, earn cash back, and redeem it with no minimum requirement for direct deposit or Amazon gift cards. The app also introduced a feature of uploading e-receipts, making it easier for online shoppers to earn cashback.
Furthermore, the app was updated to include a leveling system for its existing users, adding a gamification element to the cashback process.
Partnerships
CoinOut forged a strategic partnership with Epson, a leading POS solution provider. The collaboration integrated CoinOut’s universal wallet with Epson’s OmniLink® POS receipt printer, offering retailers new ways to entice repeat customers and boost sales.
This partnership epitomizes how CoinOut is bridging the gap between offline and online transactions, creating new revenue opportunities for merchants.
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Challenges and Future Plans
CoinOut operates in a saturated market of mobile reward apps, but its unique proposition of accepting receipts from any retailer sets it apart. The challenge lies in maintaining this uniqueness while scaling and fending off competition.
As CoinOut continues to grow, it’s likely to explore more partnerships and technological advancements to enhance user experience and expand its footprint in the financial technology domain.
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Conclusion
CoinOut’s voyage post Shark Tank is a testimony to how a robust idea, coupled with relentless execution, can navigate the rough waters of the entrepreneurial ocean. Its continuous evolution and partnerships like the one with Epson are steering CoinOut towards unchartered territories, promising more innovative solutions in the fintech space.
The journey of CoinOut is a beacon for budding entrepreneurs, illuminating the path of perseverance, innovation, and strategic collaborations.
